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))
Subscribe to:
Posts (Atom)
