Fifth Third in $85 mln mortgage fraud settlement

October 6, 2015 6:12 PM

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NEW YORK Oct 6 Fifth Third Bancorp will pay more than $84.9 million to resolve civil fraud claims relating to defective mortgage loans it made, U.S. Attorney Preet Bharara in Manhattan said on Tuesday.

Bharara said the Cincinnati-based bank admitted and accepted responsibility for its failure from 2003 to 2013 to timely report 1,436 materially defective loans to the U.S. Department of Housing and Urban Development that it had previously certified as eligible for federal insurance.

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