I have been speaking to to Law Firms that do Class Action Suits and here is their contact information
Hagens Berman Sobol Shapiro
1301 Fifth Avenue, Suite 2900 Seattle, WA, 98101 Tel. (206) 623-7292 Fax. (206) 623-0594 Contact: Steve Berman
Green Welling LLP, 595 Market Street, Suite 2750, San Francisco, California 94105
Telephone: 415-477-6700 Fax: 415-477-6710
Email: gw@classcounsel.com
Please feel free to call them and let them know that you are interested in joining a class action against Lend America. The one thing we all have in common is credit. Lend America made it a practice to run the credit multiple times so they could either deny you or charge a higher interest rate and higher points. Plus if they did not pay off your old mortgage in a timely manner, you probably had lates reported on your credit report and that affected your score! Let's let them know we are many and we are mad! Let's get this ball rolling and hit them before they can get back up and ruin more people's lives.
Wednesday, December 2, 2009
Tuesday, December 1, 2009
To all of those that Lend America Scamed!
If you where scammed by Lend America in any way please contact me at 515-532-2281 or email at debbyd246@q.com. I have been in contact with several Class Action Lawyers and as soon as one agrees to work on the case I will post their Information as well. If you got a loan or if you didn't, check your credit rating because I am sure that it was run more than once and in some cases (mine included) as many as 7 to 13 times. If they did not pay off your currant mortgage I am sure that effected your credit as well. I need to see how many people would be interested in joining a class action against this company! So please contact me as soon as possible! Thanks and Happy Holidays!
Great News!
By Al Yoon
NEW YORK, Dec 1 (Reuters) - Lend America, a home mortgage company under fire for allegedly violating government underwriting guidelines, on Tuesday abruptly ceased originations and operations.
The brief announcement on Lend America's website came a day after the Federal Housing Administration canceled its approval for the lender to make loans under the U.S. agency's home mortgage guarantee program.
The FHA, citing abuses that included submitting false documents and making loans that did not meet requirements, imposed civil penalties of $512,500 against Ideal Mortgage Bankers, which does business as Lend America.
The agency's action came six weeks after U.S. Attorney for the Eastern District of New York Benton Campbell sought an injunction against Lend America and Michael Ashley, its executive vice president and chief business strategist. Campbell alleged the company falsely certified that borrowers of more than $14 million met requirements for FHA guarantees.
Demand for FHA-backed loans, the business in which Lend America was active, has grown significantly in volume since the onset of the housing crisis.
Origination of FHA-backed loans has surged in the past two years as the credit crunch and housing crisis shuttered many private funding sources and left borrowers scrambling for help in refinancing loans. To maintain volume, lenders focused their business toward the FHA for loans that do not meet the stricter funding requirements of Fannie Mae and Freddie Mac.
Lend America is the latest lender to face scrutiny by the Department of Housing and Urban Development, which is undertaking a larger enforcement effort against lenders that abuse their rights to make FHA-backed loans. In August, the FHA suspended Taylor Bean & Whitaker after finding the lender misrepresented an audit that raised concerns of fraud.
Taylor Bean was the nation's 12th-largest mortgage lender from January to June. Lend America is smaller, but was the 22nd largest originator of FHA loans based on originations in the two years through Sept. 30.
The FHA is also fighting to limit its risk as mortgage losses have caused its capital reserves to plummet.
The U.S. attorney's complaint said Ashley violated regulations laws and an industry ban throughout his career, including falsifying documents to meet funding guidelines of Fannie Mae and Freddie Mac. Ashley plead guilty in 1993 to conspiracy to commit wire fraud in connection with instances of mortgage fraud, according to the complaint.
Spokesmen for the U.S. attorney, the FHA and Lend America declined to comment.
Lend America employs about 600 people in Melville, New York, about 50 miles from New York City. It occupies the former home of American Home Mortgage, a lender whose rapid decline in 2007 ended in bankruptcy.
Callers to Lend America offices heard a recorded message telling customers it was stopping operations and that it would honor obligations to past and current borrowers.
Several borrowers, from Ohio to California, who claimed they recently refinanced with Lend America, said the company failed to pay off their existing mortgages after they received a new loan. (Editing by Dan Grebler) ((albert.yoon@thomsonreuters.com; +1 646-223-6347; Reuters Messaging: albert.yoon.reuters.com@reuters.net))
NEW YORK, Dec 1 (Reuters) - Lend America, a home mortgage company under fire for allegedly violating government underwriting guidelines, on Tuesday abruptly ceased originations and operations.
The brief announcement on Lend America's website came a day after the Federal Housing Administration canceled its approval for the lender to make loans under the U.S. agency's home mortgage guarantee program.
The FHA, citing abuses that included submitting false documents and making loans that did not meet requirements, imposed civil penalties of $512,500 against Ideal Mortgage Bankers, which does business as Lend America.
The agency's action came six weeks after U.S. Attorney for the Eastern District of New York Benton Campbell sought an injunction against Lend America and Michael Ashley, its executive vice president and chief business strategist. Campbell alleged the company falsely certified that borrowers of more than $14 million met requirements for FHA guarantees.
Demand for FHA-backed loans, the business in which Lend America was active, has grown significantly in volume since the onset of the housing crisis.
Origination of FHA-backed loans has surged in the past two years as the credit crunch and housing crisis shuttered many private funding sources and left borrowers scrambling for help in refinancing loans. To maintain volume, lenders focused their business toward the FHA for loans that do not meet the stricter funding requirements of Fannie Mae and Freddie Mac.
Lend America is the latest lender to face scrutiny by the Department of Housing and Urban Development, which is undertaking a larger enforcement effort against lenders that abuse their rights to make FHA-backed loans. In August, the FHA suspended Taylor Bean & Whitaker after finding the lender misrepresented an audit that raised concerns of fraud.
Taylor Bean was the nation's 12th-largest mortgage lender from January to June. Lend America is smaller, but was the 22nd largest originator of FHA loans based on originations in the two years through Sept. 30.
The FHA is also fighting to limit its risk as mortgage losses have caused its capital reserves to plummet.
The U.S. attorney's complaint said Ashley violated regulations laws and an industry ban throughout his career, including falsifying documents to meet funding guidelines of Fannie Mae and Freddie Mac. Ashley plead guilty in 1993 to conspiracy to commit wire fraud in connection with instances of mortgage fraud, according to the complaint.
Spokesmen for the U.S. attorney, the FHA and Lend America declined to comment.
Lend America employs about 600 people in Melville, New York, about 50 miles from New York City. It occupies the former home of American Home Mortgage, a lender whose rapid decline in 2007 ended in bankruptcy.
Callers to Lend America offices heard a recorded message telling customers it was stopping operations and that it would honor obligations to past and current borrowers.
Several borrowers, from Ohio to California, who claimed they recently refinanced with Lend America, said the company failed to pay off their existing mortgages after they received a new loan. (Editing by Dan Grebler) ((albert.yoon@thomsonreuters.com; +1 646-223-6347; Reuters Messaging: albert.yoon.reuters.com@reuters.net))
Sunday, November 1, 2009
Update On My Complaint
Well the fifteen days have come and gone again and Lend America still has not answered my complaint to the State of Iowa. Why this should surprise me I don't know when they can't even pay people's mortgages on time. Where is the penalty to them? All i know is if the State of Iowa or any State gave me 15 days to answer some questions and I blew them off I would be in a world of hurt! But I am not big business so I guess I have to follow the rules and you have to follow the rules but companies like Lend America get to do as they please! Well I am not going to let this go and I will have my answers! I will keep everyone updated and I will call my investigator again tomorrow! Remember to send me your Lend America stories and I will post them or not as you wish. We are currently looking for a Class Action Attorney to sue Lend America and I will post more on that as I get it!
Thursday, October 29, 2009
Lend America Crooks!
This is from NewsDay.com at http://www.newsday.com/long-island/nassau/melville-loan-firm-exec-defend-fraud-charges-1.1542516
"A top executive at a mortgage company accused by the federal government of making fraudulent loans forcefully defended both himself and Melville-based Lend America Thursday, a day after a judge refused to issue a restraining order against the company.
"It's unfounded, it's ridiculous," said Michael Ashley, 44, an executive vice president of the company. "Lend America is the most legitimate lending company out there. We stand behind everything we do over here."
Ashley and Lend America were accused by the U.S. attorney's office in a 155-page federal complaint filed Tuesday of running a scheme to defraud the Federal Housing Administration. The complaint said the company deliberately made FHA-insured loans to unqualified borrowers, knowing that if the loans defaulted, the FHA would pick up the tab.
Federal Judge Joseph Bianco, ruling in Central Islip, denied the U.S. attorney's request for a temporary restraining order preventing Lend America from issuing FHA-backed loans. He permitted the U.S. attorney's office to file another injunction. Officials did not say Thursday if it would.
In court papers, Lend America's attorneys argued the government presented no evidence that the company was either committing or was about to commit any fraud.
The federal complaint cited 40 instances of what the government said were fraudulent loans and accused Ashley of leaving a trail of fraud and other violations at numerous companies in his wake since pleading guilty in 1993 to conspiracy to commit wire fraud.
But defense papers said the 40 cases were old ones - sometimes years old - and statistically insignificant. "Forty fraudulent loans - that's very serious," Ashley said. "But we originated 12,000* loans."
The defense papers also said Lend America tightened its controls over loan officers during the summer and fired some employees it believed engaged in fraudulent practices.
Ashley said the FHA wouldn't lose a cent. He said the investigation was the result of an employee in the federal Housing and Urban Development department's inspector general's office who has a "vendetta" against him. He declined to identify that employee.
As for himself, Ashley acknowledged his felony record but noted the case occurred 16 years ago. "It is not indicative of who I am today," he said.
*Correction: The number 12,000 was incorrect in previous versions."
What is this crap? They are still in business and The FHA only checked for violations in New York! What about the other states? I am in Iowa and I can tell you they are messing with people here! If this is a Federal case, what about the rest of us? Don't we matter? Just from looking at complaint boards I can assure you they are writing bad loans in other states! Get with the program! Our mighty tax dollars at work! We want to be heard too! Watch out Michael Ashley. We are coming for you and your lying cheating company too!
"A top executive at a mortgage company accused by the federal government of making fraudulent loans forcefully defended both himself and Melville-based Lend America Thursday, a day after a judge refused to issue a restraining order against the company.
"It's unfounded, it's ridiculous," said Michael Ashley, 44, an executive vice president of the company. "Lend America is the most legitimate lending company out there. We stand behind everything we do over here."
Ashley and Lend America were accused by the U.S. attorney's office in a 155-page federal complaint filed Tuesday of running a scheme to defraud the Federal Housing Administration. The complaint said the company deliberately made FHA-insured loans to unqualified borrowers, knowing that if the loans defaulted, the FHA would pick up the tab.
Federal Judge Joseph Bianco, ruling in Central Islip, denied the U.S. attorney's request for a temporary restraining order preventing Lend America from issuing FHA-backed loans. He permitted the U.S. attorney's office to file another injunction. Officials did not say Thursday if it would.
In court papers, Lend America's attorneys argued the government presented no evidence that the company was either committing or was about to commit any fraud.
The federal complaint cited 40 instances of what the government said were fraudulent loans and accused Ashley of leaving a trail of fraud and other violations at numerous companies in his wake since pleading guilty in 1993 to conspiracy to commit wire fraud.
But defense papers said the 40 cases were old ones - sometimes years old - and statistically insignificant. "Forty fraudulent loans - that's very serious," Ashley said. "But we originated 12,000* loans."
The defense papers also said Lend America tightened its controls over loan officers during the summer and fired some employees it believed engaged in fraudulent practices.
Ashley said the FHA wouldn't lose a cent. He said the investigation was the result of an employee in the federal Housing and Urban Development department's inspector general's office who has a "vendetta" against him. He declined to identify that employee.
As for himself, Ashley acknowledged his felony record but noted the case occurred 16 years ago. "It is not indicative of who I am today," he said.
*Correction: The number 12,000 was incorrect in previous versions."
What is this crap? They are still in business and The FHA only checked for violations in New York! What about the other states? I am in Iowa and I can tell you they are messing with people here! If this is a Federal case, what about the rest of us? Don't we matter? Just from looking at complaint boards I can assure you they are writing bad loans in other states! Get with the program! Our mighty tax dollars at work! We want to be heard too! Watch out Michael Ashley. We are coming for you and your lying cheating company too!
Tuesday, October 20, 2009
The Begining Of The END!
Ideal Mortgage Bankers, doing business as Lend America and Lending Key (Ideal), allegedly violated several Federal Housing Administration (FHA) origination and underwriting requirements, according to a review by the Department of Housing and Urban Development’s (HUD) Mortgagee Review Board.
The Mortgage Review Board alleges no fewer than 12 violations, finding that Ideal made false certifications, failed to document borrowers' income and approved loans that did not meet the FHA’s minimum credit requirements, among other charges.
More than $14 million of loans were subject to false certifications, says U.S. Attorney Benton J. Campbell, who, at HUD's request, has filed a complaint against Ideal in federal court in Central Islip, N.Y. The complaint seeks a court-ordered injunction that would prevent Ideal from making FHA-insured loans. According to a press release from Campbell’s office, the complaint also seeks relief against Lend America’s executive vice president and chief business strategist, Michael Asshley.
HUD has notified four of the company's underwriters that it was suspending and/or proposing debarments for their actions in connection with these violations. Separately, HUD issued pre-penalty notices to these underwriters advising them that the department is considering imposing civil money penalties against them as well.
Ideal has 30 days to respond to the board's notice, and the underwriters have 30 days to oppose their suspensions and/or proposed debarments and to respond to the allegations in the pre-penalty notice.
"Any FHA-approved lender that seeks to do business with us must follow our standards - it's just that simple, " FHA Commissioner David Stevens says. "If we determine that our partners are not playing by the rules, they'll cease being our partners.”
A spokesman for Lend America released the following statement: "The company was taken by surprise, expects to continue in business and will respond more completely once all allegations are reviewed."
The Mortgage Review Board alleges no fewer than 12 violations, finding that Ideal made false certifications, failed to document borrowers' income and approved loans that did not meet the FHA’s minimum credit requirements, among other charges.
More than $14 million of loans were subject to false certifications, says U.S. Attorney Benton J. Campbell, who, at HUD's request, has filed a complaint against Ideal in federal court in Central Islip, N.Y. The complaint seeks a court-ordered injunction that would prevent Ideal from making FHA-insured loans. According to a press release from Campbell’s office, the complaint also seeks relief against Lend America’s executive vice president and chief business strategist, Michael Asshley.
HUD has notified four of the company's underwriters that it was suspending and/or proposing debarments for their actions in connection with these violations. Separately, HUD issued pre-penalty notices to these underwriters advising them that the department is considering imposing civil money penalties against them as well.
Ideal has 30 days to respond to the board's notice, and the underwriters have 30 days to oppose their suspensions and/or proposed debarments and to respond to the allegations in the pre-penalty notice.
"Any FHA-approved lender that seeks to do business with us must follow our standards - it's just that simple, " FHA Commissioner David Stevens says. "If we determine that our partners are not playing by the rules, they'll cease being our partners.”
A spokesman for Lend America released the following statement: "The company was taken by surprise, expects to continue in business and will respond more completely once all allegations are reviewed."
Friday, October 16, 2009
And So It Begins The Lend America Scam
And so it begins. The great American scam repeated all over again. And we were worried about AIG? At least they didn't use images of the White House to scam people.
Lend America To Launch Wholesale Mortgage Lending Platform
Press Release
October 01, 2009
Lend America Wholesale to Operate Through a Centralized Model to Mitigate Risk and Drive Efficiencies
MELVILLE, NY - October 1, 2009 - Lend America, a leading next generation FHA lender, announced today that it is entering the wholesale residential mortgage lending business by launching Lend America Wholesale, to compliment its successful nationwide retail lending platform, and offer mortgage brokers and borrowers greater choice, knowledge and efficiency in the mortgage lending process. Lend America Wholesale anticipates accepting its first wholesale loan in mid October 2009.
Lend America Wholesale is built around a mission of responsible lending, with a clear focus on service and speed. The business is looking to build long-term relationships with a high quality, skilled and credible mortgage brokers.
"A full blown reset has taken place within the wholesale lending channel since our parent company strategically exited the wholesale business in 2008. With wholesale lending platforms dwindling we believe today there is a tremendous opportunity to help mortgage brokers better meet borrowers' needs, increase close rates and rebuild their businesses," commented Michael Ashley, Chief Business Strategist of Lend America. "Through our innovative centralized model and systematic loan process, which address risk factors as well as time and cost inefficiencies in the lending value chain, we can quickly become a major resource for the mortgage brokerage community. In addition, we are able to build off our past experience to insure we are better equipped to meet the needs of the mortgage brokerage community."
Lend America Wholesale will be based in Melville, New York and operate through a centralized model in order to better mitigate the risk associated with the wholesale lending process and improve the consistency and quality of the broker experience. Building on a base infrastructure of 25 geographic focused teams, more the 30 FHA Direct Endorsed underwriters and an automated paperless platform for all loan originations and processing, Lend America Wholesale will look to partner with mortgage brokers committed to extensive FHA product knowledge, ethical behavior, customer service and open and honest communication. The business is currently licensed to do business in 47 states.
Mr. Ashley added, "With our unparalleled leadership and technology platform, which brings the entire mortgage process into a single user friendly application, we believe we can help mortgage brokers build a better business. In addition, our wholesale team has the experience to offer real time solutions and train or answer questions on FHA products or loan processes in order to help our mortgage broker partners close loans faster. In the current challenging environment mortgage brokers need the right partner to be successful and we can definitely fill the void that is currently impacting the wholesale channel."
For more on Lend America Wholesale, please contact 1-800-707-Loan.
Lend America To Launch Wholesale Mortgage Lending Platform
Press Release
October 01, 2009
Lend America Wholesale to Operate Through a Centralized Model to Mitigate Risk and Drive Efficiencies
MELVILLE, NY - October 1, 2009 - Lend America, a leading next generation FHA lender, announced today that it is entering the wholesale residential mortgage lending business by launching Lend America Wholesale, to compliment its successful nationwide retail lending platform, and offer mortgage brokers and borrowers greater choice, knowledge and efficiency in the mortgage lending process. Lend America Wholesale anticipates accepting its first wholesale loan in mid October 2009.
Lend America Wholesale is built around a mission of responsible lending, with a clear focus on service and speed. The business is looking to build long-term relationships with a high quality, skilled and credible mortgage brokers.
"A full blown reset has taken place within the wholesale lending channel since our parent company strategically exited the wholesale business in 2008. With wholesale lending platforms dwindling we believe today there is a tremendous opportunity to help mortgage brokers better meet borrowers' needs, increase close rates and rebuild their businesses," commented Michael Ashley, Chief Business Strategist of Lend America. "Through our innovative centralized model and systematic loan process, which address risk factors as well as time and cost inefficiencies in the lending value chain, we can quickly become a major resource for the mortgage brokerage community. In addition, we are able to build off our past experience to insure we are better equipped to meet the needs of the mortgage brokerage community."
Lend America Wholesale will be based in Melville, New York and operate through a centralized model in order to better mitigate the risk associated with the wholesale lending process and improve the consistency and quality of the broker experience. Building on a base infrastructure of 25 geographic focused teams, more the 30 FHA Direct Endorsed underwriters and an automated paperless platform for all loan originations and processing, Lend America Wholesale will look to partner with mortgage brokers committed to extensive FHA product knowledge, ethical behavior, customer service and open and honest communication. The business is currently licensed to do business in 47 states.
Mr. Ashley added, "With our unparalleled leadership and technology platform, which brings the entire mortgage process into a single user friendly application, we believe we can help mortgage brokers build a better business. In addition, our wholesale team has the experience to offer real time solutions and train or answer questions on FHA products or loan processes in order to help our mortgage broker partners close loans faster. In the current challenging environment mortgage brokers need the right partner to be successful and we can definitely fill the void that is currently impacting the wholesale channel."
For more on Lend America Wholesale, please contact 1-800-707-Loan.
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