Bulletin: Hammer is Coming Down for 15 Lenders
Sunday, January 17, 2010
It looks increasingly obvious the problems for some lenders are going to get a lot worse.
Rismedia reported this weekend…
The Department of Housing and Urban Development (HUD) said it’s taking a closer look at 15 mortgage companies to determine why they had such high rates of problems with FHA insured mortgages.
Can I answer that? Lending to anyone who could fog a mirror tends to do that. I told you Fannie Mae was getting a spanking before this new investigation.
“Each loan on this list will be thoroughly examined and we will track down the reasons why it failed. Once we determine the causes, we will look to see whether there is a need for further review or remedial action. We want to send a message to the industry that as the mortgage landscape has shifted, we are watching very carefully and that we are poised to take action against bad performers,” Donohue said.
I wonder if this has anything to do with the fact Fannie Mae is approving foreclosure without notifying banks.
I don’t think Ken Donahue has tried to actually apply for a Home Purchase loan lately. In our local Los Gatos and Santa Clara County Real Estate market it is very difficult. The symptoms have passed.
I am glad to see someone is checking up, but if it does not relieve distressed markets, DON’T BOTHER! It’s glaringly obvious focus on future Real Estate recovery measures, rather than looking back, is the best medicine.
Below are the companies that received subpoenas from HUD’s Office of Inspector General:
-First Tennessee Bank N.A., Memphis, Tenn.
-Alethes LLC, Lakeway, Texas
-Security Atlantic Mortgage Co., Edison, N.J.
-Pine State Mortgage Corporation, Atlanta.
-Birmingham Bancorp Mortgage Corporation, West Bloomfield, Mich.
-Alacrity Financial Services, LLC, Southlake, Texas
-Assurity Financial Services, LLC, Englewood, Colo.
-D and R Mortgage Corporation, Farmington, Mich.
-Webster Bank, Cheshire, Conn.
-Mac-Clair Mortgage Corporation, Flint, Mich.
-Americare Investment Group, Inc., Arlington, Texas
-1st Advantage Mortgage, Lombard, Ill.
-American Sterling Bank, Independence, Mo.
-Sterling National Mortgage Company Inc., Great Neck, N.Y.
-Dell Franklin Financial LLC, Columbia, Md.
I bet these companies end up walking away from the testimony with more bailout money. Want to bet?
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