Took Them Long Enough.

The Justice Department sued Deutsche Bank AG, one of the world's 10 biggest banks by assets, on Tuesday for at least $1 billion for defrauding taxpayers by "repeatedly" lying to a federal agency when securing taxpayer-backed insurance for thousands of shoddy mortgages.
MortgageIT, a subsidiary of Germany's largest lender, egregiously violated federal rules that came with government backing on more than 39,000 mortgages worth more than $5 billion since 1999, according to the lawsuit filed in Manhattan federal court.

By funneling risky mortgages to the Department of Housing and Urban Development's Federal Housing Administration, MortgageIT's loans were guaranteed with the full faith and credit of the U.S. government. A third of those mortgages, or about 12,500, have since defaulted, leaving the government on the hook.
On more than 3,100 of its FHA-guaranteed mortgages that have defaulted, HUD has paid more than $386 million in claims to the owners of the mortgage debt, according to the lawsuit. More than two-thirds of those mortgages defaulted within two years of origination.

[Source]

These banks have gotten away with so much for so long.  I'm pretty shocked by this.  Still I'm disappointed not a soul has done any jail time.  Back in the 80's after the S&L Scandal people did time.  This time around I guess everyone keep those get out of jail free cards in their back pockets.