Taylor Bean, Home America Settle FCA Suit For $320M

Law360, Los Angeles (January 6, 2014, 6:23 PM EST) -- Taylor Bean & Whitaker Mortgage Corp. and Home America Mortgage Inc. have agreed to pay more than $320 million to settle a False Claims Act whistleblower suit alleging they falsified loan applications to secure federally funded insurance for home loans that ultimately defaulted, plaintiffs' attorneys announced Monday.

The qui tam whistleblower complaint was filed in 2006 by former Home America Vice President of Operations Stephanie Kennedy and Comfort Friddle, a former Home America loan processor, who said ex-Home America CEO James Gregory Hicks and his group of loan officers tricked the U.S. government into insuring bad loans by falsifying data —...

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