Fifteen Banks Under Increased Scrutiny by HUD

January 19, 2010

Daily Real Estate Updates

sudler-sothebys-logo19 January 2010 ? On January 14th HUD‘s Inspector General Ken Donahue and Commissioner David Stevens issued fifteen subpoenas to banks that had too high of a default rate. FHA is taking this seriously by looking into how banks manage risk and fraud. More audits are yet to come. Banks under scrutiny include:

– Sterling National Mortgage
– Dell Franklin Financial
– D & R Mortgage
– Wester Bank
– Mac-Clair Mortgage
– American Investment Group
– 1st Advantage Mortgage
– American Sterling Bank
– First Tennessee Bank
– Alethes LLC
– Security Atlantic Mortgage
– Pine State Mortgage
– Birmingham Bancorp Mortgage Group
– Alacrity Financial Services
– Assurity Financial Services

The subpoenas do not mean these banks are guilty of anything but the list is out there. However, once on the list the bank looks suspicious.

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About Katie Anderson

Katie Anderson is a respected and successful broker at Sudler Sotheby's Realty as well as a certified appraiser. She specializes in representing clients who purchase and sell condominiums, town homes, single-family homes and income property in the Chicago land area. In her small amount time in the real estate game (she became an agent in 2003) she has assisted in excess of 400 deals and over $200 million in sales and continues to use her skills as a certified appraiser. Katie resides in Chicago's Bucktown neighborhood with her loving husband and 4-year-old-daughter, where she spends much of her spare time with her family and friends. You can contact her at katie@thechicago77.com or at andersonbraack.com

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