The ability of the full Heusler alloy Co1.5Fe1.5Ge(001) (CFG) to be a Half-Metallic Magnetic (HMM) material is investigated. Epitaxial CFG(001) layers were grown by molecular beam epitaxy. The results obtained using electron diffraction, X-ray diffraction, and X-ray magnetic circular dichroism are consistent with the full Heusler structure. The pseudo-gap in the minority spin density of state typical in HMM is examined using spin-resolved photoemission. Interestingly, the spin polarization found to be negative at EF in equimolar CoFe(001) is observed to shift to positive values when inserting Ge in CoFe. However, no pseudo-gap is found at the Fermi level, even if moderate magnetization and low Gilbert damping are observed as expected in HMM materials. Magneto-transport properties in MgO-based magnetic tunnel junctions using CFG electrodes are investigated via spin and symmetry resolved photoemission.