2009-12-01 — housingwire.com
The Federal Housing Administration (FHA) on Monday withdrew its approval from Ideal Mortgage Bankers, which operates as Lend America and Lending Key.
FHA is joined in the effort by Ginnie Mae, which at the same time defaulted Lend America, preventing it from issuing Ginnie mortgage-backed securities (MBS) that bear the full faith and credit of the US government.
The FHA’s action prevents Lend America and Ideal from originating and underwriting FHA-insured mortgages or participating in FHA’s single-family insurance program. FHA also charged $512,500 in civil money penalties in the wake of a civil lawsuit that HousingWire previously reported reveals a pattern of mortgage fraud spanning more than 20 years across a number of mortgage firms.
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