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Lender Restricted from FHA Originations
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April 29, 2009
A New York lender and its president have been permanently banned from originating government-backed loans after being accused of defrauding the U.S. Department of Housing and Urban Development, MortgageDaily.com reported.
Long Island-based Madison Home Equities Inc. and its president, Nadine Malone, have been accused of submitting $4 million in FHA-insured loans using false information. A temporary restraining order issued against Madison and Malone in October 2008 banned the company from originating FHA-insured loans. The restriction was just made permanent and includes all government lending programs.
Madison and Malone have agreed to pay penalties and indemnify HUD for any losses on loans the company originated.
Read story at MortgageDaily.com
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