Universal American Mortgage Company, LLC Agrees to Pay $13.2 Million to Settle False Claims Act Investigation
FOR IMMEDIATE RELEASE
Failed to follow FHA rules for underwriting mortgages during the 2008 crisis.
"Mortgage lenders may not ignore material FHA requirements designed to reduce the risk that borrowers will be unable to afford their homes and federal funds will be wasted," said Assistant Attorney General
"In a quest for profits, mortgage companies have ignored important lending standards" said
During the period covered by the settlement, UAMC participated as a direct endorsement lender (DEL) in the
"One of our principle responsibilities is to protect and ensure the integrity of federal housing programs for the benefit of all Americans," said
"FHA depends upon the lenders we do business with to apply our standards and to truthfully certify that they've done so," said
The settlement resolves allegations originally brought by
This matter was handled on behalf of the government by the
The settlement agreement is being handled by Assistant United States Attorney
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