DOJ Whacks Regions Bank $52mm (Qui Tam Post)

Earlier this month, the U.S. Department of Justice announced that Regions Bank must pay $52.4 million to settle charges that it was underwriting shoddy loans. The Birmingham, Alabama bank that underwrote loans is accused or writing loans that it knew couldn’t pass FHA and HUD guidelines. The case was brought under the federal False Claims Act (also known as a qui tam lawsuit).Read the full article