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DOJ says bank’s residential mortgages were ‘rife with fraud.’
The bank confirmed on Monday that they are being investigated by the U.S. Securities and Exchange Commission.
The settlement will be one of New Jersey’s largest civil recoveries in the state’s history.
Decade-long scheme was used to finance a lavish lifestyle.
Settlement is the first government resolution involving illegal discrimination by a nonbank mortgage lender.
Trio allegedly involved in mortgage, credit repair, and government loan fraud.
