Topic: David Stevens

FHA and Ginnie Mae take action against Lend America

December 1, 2009 |

FHA-approved lender faulted for poor underwriting and false certifications

WASHINGTON – The Federal Housing Administration (FHA) today withdrew the FHA approval of Ideal Mortgage Bankers, doing business as Lend America and Lending Key (“Ideal”). The action is effective immediately and prevents Ideal from originating and underwriting new FHA-insured mortgages or from participating in the FHA single family insurance program. In addition, the Government National Mortgage Association (Ginnie Mae) defaulted Lend America. Effective immediately, Lend America will no longer be able to issue Ginnie Mae securities.

FHA also imposed civil money penalties against Ideal in the amount of $512,500. The U.S. Department of Housing and Urban Development’s Mortgagee Review Board (MRB) took the action based upon two notices of violation issued to the Company last month. The MRB cited Ideal for numerous violations of FHA origination and underwriting requirements, including failing to document borrowers’ income and creditworthiness, and for submitting false certifications to the Department.

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HUD pledges faster loan modifications for struggling homeowners

July 29, 2009 |

Administration, Servicers Commit to Faster Relief for Struggling Homeowners through Loan Modifications

Washington, D.C. – Senior Obama Administration officials met today with top executives from servicers participating in the Making Home Affordable loan modification program to discuss ways to improve effectiveness and efficiency of the program. The meeting – led by Treasury Assistant Secretary for Financial Institutions Michael S. Barr, Treasury Assistant Secretary for Financial Stability Herb Allison, FHA Commissioner David Stevens and HUD Senior Advisor to the Secretary William Apgar – addressed challenges to modifications, strategies for improvement, and collective goals that the servicers and Administration are committed to reaching.

“With over 200,000 trial loan modifications already under way, we are on track to meet our goals,” said Treasury Secretary Tim Geithner. “Still, too many homeowners are at risk of foreclosure right now. Today’s meeting was an opportunity to identify ways to accelerate the program and bring relief faster.”

Servicers in attendance committed to significantly increasing the rate at which they are performing loan modifications. The Administration has established a goal of reaching half a million trial modifications begun by November 1, 2009.

“I am confident that the best practices shared today, combined with more transparent reporting methods, better communication among all parties, and a strong commitment from servicers, will ensure that we can ramp up the MHA program’s pace to meet these ambitious goals,” said HUD Secretary Shaun Donovan. «Read the rest of this article»

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