FHA investigates 15 lenders with unusually high default rate

01/13/2010 | Washington Post, The

Fifteen mortgage lenders with a default rate that is more than twice the average for their area were subpoenaed as part of an investigation by the Federal Housing Administration. Officials are seeking documents on defaulted loans to determine whether the FHA-approved lenders engaged in wrongdoing, said Kenneth Donohue, inspector general of the U.S. Department of Housing and Urban Development.

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