Lend America was a national mortgage banking organization based in Melville, New York. The company uses cable television infomercials and toll-free numbers to promote its services which include refinancing of mortgages with fixed-rate loans guaranteed by the Federal Housing Administration.
In 2008 and 2009, the company has originated around 11,300 FHA-backed loans, ranking it No. 22 among FHA lenders by volume. Around three-quarters of those loans were refinances, and the default rates on the company's loans were between two and three times the national rate.
On December 1, 2009, after the company was removed from Federal Housing Administration program, it abruptly announced on its website that it was ceasing all lending operation.
Read more about Lend America: Complaint By The US Government Relating To Practices of Fraud, Removal of Lend America From The FHA Program and Ceasing of The Company's Operation, Michael Ashley: Guilty Plea and Other Controversies
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