FAQ  |  Search  |  Memberlist  |  Usergroups   |  Register  |  Profile  |  Log in to check your private messages  |  Log in 

 Anchor Mortgage Corporation View next topic
View previous topic



Post new topicReply to topic
Author Message
Robin
Sentinel


Joined: 30 Aug 2007
Posts: 3416
Location: Loveland, OH

Anchor Mortgage Corporation
PostPosted: Mon Oct 04, 2010 9:08 pm Reply with quoteBack to top

[from HUD/OIG elistserv]

The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General (OIG), completed a review of loan origination practices of Anchor Mortgage Corporation (Anchor), Chicago, IL. Our objective was to identify violations of Federal Housing Administration (FHA) requirements and the related losses incurred by HUD.



Based on our review, HUD sued the lender and its owner under the False Claims Act. In August 2010, the court entered a judgment of nearly $3 million against the lender and its owner. The court concluded that Anchor had provided false information or violated HUD regulations for 11 loans. The lender had provided false gift affidavits in connection with applications it submitted to obtain FHA-insured loans. It had also paid fees to a real estate company for referring borrowers, although it certified to HUD that it had paid no kickbacks, fees, or consideration of any type to anyone in connection with the transaction except as permitted by HUD rules.



We recommended that HUD collect the $2,766,517 in damages and penalties awarded against Anchor Mortgage and $226,424 in damages and penalties awarded against the owner for violating the False Claims Act.



This electronic audit memorandum has been posted to our website and may be viewed directly via this link. This PDF version will allow you to print the report to your local printer



http://www.hud.gov/offices/oig.....0c1801.pdf
View user's profileSend private messageSend e-mail
Display posts from previous:      
Post new topicReply to topic


 Jump to:   


Merge topics 

View next topic
View previous topic
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum




Powered by phpBB 2.0.22-2 (Debian) © 2001, 2002 phpBB Group :: FI Theme :: All times are GMT