PHH Corp. will pay the Justice Department $75 million to settle a False Claims Act investigation of its underwriting practices on government-insured mortgages and loans sold to Fannie Mae and Freddie Mac.
The Trump administration's Justice Department was expected to be less aggressive in its pursuit of False Claims Act cases against the mortgage industry. Instead, its focus has shifted to Federal Housing Administration-insured reverse mortgages.
The Trump administration is stepping away from the government’s 7-year legal fight with Amex that centers on retailers’ right to encourage the use of particular cards. The decision is good news for issuers of credit and debit cards, though it is hardly the last word on the case.
The Justice Department plans to defend President Trump's executive authority by siding with PHH Corp. in the mortgage lender's controversial case alleging the Consumer Financial Protection Bureau is unconstitutional.
Attorney General-designate Sen. Jeff Sessions R-Ala., could pose a roadblock for marijuana businesses seeking financial services, but might also end a controversial Justice Department program targeting payment processors and financial institutions.