Everything's Bigger in Texas, Including the Fines for Violating the Law

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Everything's Bigger in Texas, Including the Fines for Violating the Law

Dec, 10th 2016

The reverberations of the 2008 housing market collapse and financial meltdown continue to be felt.  

A jury in the Houston Division for the Southern District of Texas, on Nov. 29, fined Texas-based Americus Mortgage Corp., and AllQuest Home Mortgage Corp., previously titled Allied Home Mortgage Capital Corp and Allied Home Mortgage Corp, $94 million for knowingly violating the False Claims Act and the Financial Institutions Reform, Recovery, and Enforcement Act. 

Additional fines are expected to be determined at a later date.

The two company’s founder and CEO, Jim Hodge, was also fined $7.37 million for conducting similar violations during the lead-up to the financial collapse eight years ago. 

Hodge is no stranger to run-ins with the law.

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