Not sure of what to make of this yet. Is the Gov actually going to do something?
* Bank accused of lying to join US mortgage program
* Bank accused of profiting even as homeowners defaulted
* Deutsche Bank shares fall (Adds details from complaint, case citation, stock price)
NEW YORK, May 3 (Reuters) – The United States sued Deutsche Bank AG (DBKGn.DE), accusing the German bank and its MortgageIT Inc unit of repeatedly lying to be included in a federal program to select mortgages to be insured by the government.
In a civil complaint filed in U.S. District Court in Manhattan, the government said that defendants recklessly chose mortgages that violated program rules “in blatant disregard” of whether borrowers could make mortgage payments.
Check out the rest here…
As soon as I get the case file and check it out further, I will put it up here…