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

Published October 23, 2009, 1:00 p.m. EDT

1 Min Read

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.

Processing Content

For reprint and licensing requests for this article, click here.

MORE FROM NATIONAL MORTGAGE NEWS

M&A

Highlands Residential buys The Equitable Mortgage Corp.

The combination adds to a wave of broader merger and acquisition activity that includes an ongoing bidding war over RoundPoint Mortgage owner Two Harbors

By Bonnie Sinnock
Capital Markets Editor

6h ago
Law and legal issues

Lenders are taking more repurchase demands to court

The litigants, with some of the industry's deepest pockets, may be filing the rare cases to flag and potentially punish bad brokers, one expert said.

By Andrew Martinez
Reporter

6h ago
Federal Reserve

Powell is staying at the Fed: What to expect

Market watchers think Jerome Powell will maintain a low-key presence on the Fed board as he awaits the release of an inspector general report examining cost overruns at the central bank's headquarters.

By Maria Volkova
Reporter

May 1
Housing affordability

Manufactured homes market set to hit $42.7 billion by 2031

Mordor Intelligence expects the manufactured homes market size to expand from $28.5 billion in 2025 to $30.5 billion this year, its latest report found.

By Colin McNamara
Reporter

May 1
Secondary markets

Invesco REIT takes loss as Iran volatility hits agency MBS

Fannie Mae and Freddie Mac's support for the market lessened the impact, as could bank capital reform, and the company's normalized results outperformed.

By Bonnie Sinnock
Capital Markets Editor

May 1
Regulation and compliance

Banks 'fairly, but not totally' satisfied with Basel rule

Even as they continue to press for additional changes, banks get some wins from the revised Basel capital framework and a ballpark estimate of their capital outlook for the next few years.

By Ebrima Santos Sanneh
Reporter

May 1

Load More