Items Tagged with 'FHA'

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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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Quicken Loans gets FHA loan violation lawsuit relocated to Detroit

Quicken gets confident in its lawsuit
In a major win for Quicken Loans, a judge granted the lender's request to move its landmark case with the Department of Justice and the Department of Housing and Urban Development to the Eastern District Court in downtown Detroit, the lender's backyard. But this is only the beginning in a case that features one of the top FHA lenders fighting back against the government.
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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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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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From HW Magazine

Redefining skin in the game

How low-down mortgages can safely expand opportunities for homeownership
For many observers, “skin in the game” is synonymous with a large down payment that limits lender or investor risk. However, skin in the game can be defined much more broadly, since financial investment is only one factor that mitigates risk.
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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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Regions Bank next on DOJ hit list, will pay $52.4 million for FHA-lending violations

Becomes latest lender to be accused of violating False Claims Act
Over the last few years, the Department of Justice used the False Claims Act as its weapon of choice against the mortgage industry, using the law to extract settlements from lenders for supposedly misrepresenting the quality of loans to the Federal Housing Administration. And now, Regions Bank is the latest on the DOJ’s hit list, after agreeing to settle False Claims Act charges for $52.4 million.
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