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Violation Tracker Individual Record

Company: RBC Mortgage Company
Current Parent Company: Royal Bank of Canada
Penalty: $10,710,000
Year: 2008
Date: November 25, 2008
Offense Group: government-contracting-related offenses
Primary Offense: False Claims Act and related
Secondary Offense: mortgage abuses
Violation Description: RBC Mortgage Company agreed to pay the United States more than $10.71 million to resolve allegations arising under the False Claims Act concerning 219 federally insured loans for mortgages submitted to the Federal Housing Administration of the U.S. Department of Housing and Urban Development. The government alleged that between 2001 and 2005 RBC, a subsidiary of the Royal Bank of Canada, falsified documentation in support of loan applications, violated due diligence underwriting requirements and improperly submitted loans for endorsement by HUD that were not eligible for FHA insurance.
Level of Government: federal
Action Type: agency action
Agency: Justice Department Civil Division
Civil or Criminal Case: civil
HQ Country of Current Parent: Canada
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.