BB&T to pay $83 million for FHA lending violations

Branch, Banking & Trust Company (known more commonly as BB&T) will pay $83 million to settle allegations brought by the Department of Justice, which accused the lender of violating the False Claims Act by falsely certifying that it complied with “critical underwriting and quality control requirements” on mortgages insured by theFederal Housing Administration.

BB&T becomes the latest in a long string of lenders targeted by the DOJ for False Claims Act violations. The False Claims is designed to prosecute vendors the government feels fraudulently represented themselves while doing business with the nation.

Read on.

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