Lend America Executive: HUD has a 'Vendetta' Against Him

A top executive at the embattled Lend America says the government is taking action against his firm because an employee in the Inspector General's office at the Department of Housing and Urban Development has a "vendetta" against him. Lend America executive vice president and chief business strategist Michael Ashley made his comments to Newsday, a Long Island newspaper on Thursday night. Mr. Ashley, a defendant in a civil injunction case against the company, declined to name the employee. The injunction was denied on Wednesday, though HUD still has a notice of charges against Lend America, which the firm must respond to within 30 days. Lend America is a nonbank that depends on warehouse lines of credit. It ranks 18th nationwide in terms of GNMA issuance.