mt 01M&T Bank agrees to pay $64 million to settle risky mortgage charges


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WASHINGTON, May 13 (UPI) — M&T Bank Corp. agreed to pay $64 million to settle claims it deliberately misled the government into backing hundreds of risky mortgages, the Department of Justice said Friday.

The bank, headquartered in Buffalo, N.Y., allegedly violated the False Claims Act by knowingly underwriting mortgage loans between 2006 and 2011 which were insured by the U.S. Department of Housing and Urban Development’s Federal Housing Administration but did not meet applicable requirements.

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