HUD board suspends Pennsylvania lender's FHA approvals
The Department of Housing and Urban Development's Mortgagee Review Board has suspended Seckel Capital from originating and underwriting Federal Housing Administration-insured mortgages, alleging that the company submitted false financials.
HUD's Departmental Enforcement Center also suspended owner John Seckel from doing business with the federal government. Both actions stem from allegations that Seckel knowingly submitted false financial statements to the government he claimed had been independently audited when in fact, they were not.
Seckel founded the Newtown, Pa.-based mortgage, investment and insurance company in 2008, and he previously was an investment banker with Wachovia Bank prior to its acquisition by Wells Fargo that year, according to the company's website.