Items Tagged with 'Federal Housing Administration'

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Allied Home Mortgage, CEO Jim Hodge ordered to pay $92 million for FHA fraud

Jury hands victory to U.S., which initially wanted $834 million
A little over five years ago, the government sued Allied Home Mortgage, its various entities, and its president and CEO, Jim Hodge for $834 million, claiming that Allied engaged in repeated fraud against the Federal Housing Administration over a 10-year period. Now, after a long legal battle, the government secured a victory against Allied Home Mortgage and Hodge, as this week, a federal jury unanimously found Allied Home Mortgage and Hodge liable for civil mortgage fraud.
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Ben Carson as HUD Secretary? All signs point that way

Trump reportedly offers top HUD job to Carson, who indicates he will accept
After President-elect Donald Trump tweeted Tuesday that he was “seriously considering” offering the job of Secretary of Housing and Urban Development to Ben Carson, all signs appear to show that Carson will indeed be the next HUD secretary. Carson himself took to Twitter and Facebook Wednesday to discuss the HUD offer and strongly intimated that he plans to accept the job.
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Trump: I am "seriously considering" Ben Carson for HUD secretary

President-elect tweets about adding former primary opponent to cabinet
Well, it turns out that there are more than two names being considered by President-elect Donald Trump and his team to serve as the secretary of the Department of Housing and Urban Development in the Trump Administration. Trump himself just threw another hat into the HUD ring — Ben Carson.
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Strong FHA annual report stirs up calls for mortgage insurance premium cut

Mutual Mortgage Insurance Fund grows for 4th straight year
Ed Golding, the Department of Housing and Urban Development’s principal deputy assistant secretary for housing, said Tuesday that the Federal Housing Administration is not considering cutting its mortgage insurance premiums, despite the FHA’s flagship fund showing growth for the fourth year in a row. But is the FHA’s current plan misguided? Several organizations think so.
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FHA single-family business explodes; No premium cut coming

Actuarial report shows MMI fund at 2.32%, up from 2.07% in 2015
The Federal Housing Administration announced Tuesday that its flagship fund, the Mutual Mortgage Insurance Fund, grew in fiscal 2016, marking the MMI Fund’s fourth straight year of growth, but that doesn’t mean that an additional cut to the FHA’s mortgage insurance premiums is coming.
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FHA lowers owner-occupancy requirements for condos

Changes part of Housing Opportunity through Modernization Act of 2016
When President Obama signed the "Housing Opportunity Through Modernization Act of 2016" into law a few months ago, many celebrated because it changed the Federal Housing Administration’s rules for condominium financing, among other changes. Wednesday, the FHA delivered, lowering its owner-occupancy requirements on certain condo developments.
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First American Mortgage Trust to pay $1 million for FHA lending violations

NTXLoan.com accused of knowingly submitting false claims for FHA insurance
First American Mortgage Trust, which does business as NXTLoan.com, and the company’s CEO will pay slightly more than $1 million to settle charges brought by the Department of Justice, which accused the lender of submitting false claims on mortgages insured by the Federal Housing Administration.
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HUD watchdog: Servicer foreclosure delays cost FHA $2.23 billion

Report finds FHA overpaid servicers due to foreclosure, conveyance delays
A new report from a government watchdog shows that mortgage servicers’ delays in foreclosing on properties and subsequent delays in the conveyance of those properties to the Federal Housing Administration cost the FHA as much as $2.23 billion in unnecessary payouts.
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BB&T to pay $83 million for FHA lending violations

Latest lender to be accused of violating False Claims Act by DOJ
BB&T will pay $83 million to settle allegations brought by the Department of Justice, which accused the lender of violating the False Claims Act by falsely certifying that it complied with “critical underwriting and quality control requirements” on mortgages insured by the Federal Housing Administration. BB&T becomes the latest in a long string of lenders targeted by the DOJ for False Claims Act violations.
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