Complaint By The US Government Relating To Practices of Fraud
On October 20, 2009, The United States Attorney General filed a civil complaint against Lend America, seeking a court-ordered injunction to prevent the company from making loans insured by the Federal Housing Administration (“FHA”) and also seeking relief against Lend America’s Executive Vice President and Chief Business Strategist, Michael Ashley. The complaint alleges that Lend America falsely certified to HUD that borrowers who received over $14 million in loans met HUD’s lending requirements when, in fact, the company knew they did not. In addition, the complaint documents some 40 borrower examples where Lend America made up incomes or otherwise submitted fraudulent loans to the FHA.
In connection with the complaint, The United States Department of Housing and Urban Development's Mortgagee Review Board informed the company, that it has uncovered numerous violations of the Federal Housing Administration's (FHA) origination and underwriting requirements, including submitting false certifications and failing to document the borrower's income and creditworthiness.
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