Los Angeles and United States File Lawsuits Against Deutsche Bank Mortgage Subsidiary

Deutsche Bank is having a rough month. On May 3, 2011, the U.S. government filed a civil lawsuit against banking giant Deutsche Bank, alleging the bank’s mortgage subsidiary lied about the quality of loans insured under a government program. The mortgages were guaranteed by the Federal Housing Administration and are expected to cost the government more than $1 billion, the New York Times reports.
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