Defunct FHA lender Lend America and its "chief business strategist," Michael Ashley -- who controlled the company -- have effectively been barred from the mortgage industry, according to newly released court documents. The ban springs from a civil suit brought by the Justice Department on behalf of the FHA against the Melville, N.Y.-based nonbank and Mr. Ashley. Amid investigations against the company, LendAmerica closed its doors in early December. FHA found that the company had violated numerous underwriting guidelines and according to interviews conducted by NMN the company was refinancing some loans without paying off the prior liens. In agreeing to a ban from mortgage banking, Mr. Ashley, 44, did not admit liability, according to the agreement filed recently in federal court in Central Islip. In return, anything tied to federal-related loans is off limits -- from appraising properties and marketing mortgages to working as a consultant or housing counselor, Newsday reported. "I'm beyond thrilled to be done with the mortgage business," Mr. Ashley said. "I've had it with the mortgage business. I'm done with everybody chasing me around."
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Mortgage rates are expected to remain elevated but stable for longer, with some industry participants thinking it is good for the housing market.
June 20 -
Deputy Treasury Secretary Michael Faulkender says Basel capital rules need to fit the U.S. economy and avoid discouraging banks from lending.
June 20 -
Legislation passed in Connecticut protects homeowners from foreclosures tied to old liens that received renewed collections interest as housing values surged.
June 20 -
Lipkin, who built Valley National Bancorp from a small community bank into a regional institution with 200 branches in four states, passed away this week at age 84.
June 20 -
Median home prices rose by 1% to a record high, but sellers are taking lower offers as the market shifts towards the buyers' favor.
June 20 -
The return on investment for fix and flip properties dipped to 25% in the first quarter of 2025, down from 48.8% in the fall of 2020, according to a report from Attom.
June 20