HUD Boots Two FHA Mortgage Lenders
By: news
04-01-2010 (FORBES.COM) -
More significant than those actions was HUD’s announcement that it secured a $400,000-plus civil penalty from Franklin First Financial of Long Island, NY. Several weeks ago we called out Franklin and nine other of “Uncle Sam’s Deadbeat Mortgage Lenders” for sporting default ratios higher than 10%. HUD’s mortgage insurance initiative, known as the Federal Housing Administration (FHA), has been blamed as a key cause of the growth of the housing bubble, but David Stevens, the man President Obama chose to run the FHA, has promised to clean house.