National City Corp. has agreed to pay $4.6 million to settle allegations that it sought federal insurance for 58 mortgage loans that were already past due, the Justice Department said Thursday.
The financial services provider applied for insurance coverage from the Federal Housing Administration under a program intended to encourage banks to make loans to low and moderate income borrowers, the department said.
Let's see. That's $4,600,000 divided by 58 = $79,310.00. I wonder why the Justice Department isn't bringing criminal charges. Maybe that's still in the hopper.
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