Lend America has issued an update on the civil lawsuit brought on Oct. 20, 2009 against the company by the U.S. Department of Justice (DOJ) concerning a complaint that alleges the company falsely certified that borrowers who received more than $14 million in loans met U.S. Department of Housing & Urban Development (HUD) lending requirements.
“Lend America is pleased to announce that today, the court denied the government’s request for an order prohibiting Lend America from originating FHA-insured loans. We are obviously pleased with the court’s decision. We look forward to continuing our partnership with HUD and our mission of providing affordable financing for those borrowers in need.”
As stated in a story in Forbes Magazine, HUD spokesman Brian Sullivan said of Lend America, "We are still guaranteeing their loans."
See the attached Lawsuit Memorandum below for more information.
For more information, visit LendAmerica.com.