Probe of Lend America’s FHA Loan Program
If you are dealing with Lend America and looking to get a FHA mortgage, give this article are read from the Wall Street Journal. The company could be facing a shut down of their ability to continue making FHA loans in the near future.
With the ending of the $8,000 tax credit for first time homebuyers ending soon, this could put some families in a squeeze if the governments request for suspending Lend America is granted.
The Justice Department asked a judge to bar Lend America, a Melville, N.Y.-based mortgage lender, from making government-backed loans in a civil fraud suit filed on Tuesday. The government is accusing the company, known for its television infomercials touting FHA-backed loans, of falsely certifying borrowers that received $14 million in FHA-backed loans.
The government’s investigation of Lend America began nearly one year ago, and the company had been put on probation by the Department of Housing and Urban Development earlier this year for making misleading marketing claims. via WSJ.
Hat tip to John Scott Smith from MyFHA.net
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Comment by Eric E on 22 October 2009:
Everybody is getting squeezed in the current housing market. I’ve seen so many jobs lost in the New Home side of things that if Obama wants to create jobs, he needs to make home buying easier.
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