Federal Housing Administration, Department of Housing and Urban Development

WASHINGTON – The U.S. Department of Housing and Urban Development’s Mortgagee Review Board has suspended three lenders based on evidence of serious violations under HUD’s regulations. The three lenders are Golden First Mortgage Corp of Great Neck, NY; Great Country Mortgage Bankers, Inc. of Coral Gables, FL; and Beneficial Mortgage Corporation of San Juan, PR.

Lenders subject to suspension are prohibited from originating new FHA-insured mortgages pending completion of HUD’s investigation into their lending practices.

The Board found that Golden First Mortgage (GFM) failed to notify HUD/FHA of an investigation by the Office of Thrift Supervision (OTS) into the business activities of the company’s president, including his involvement in a civil money penalty with OTS. Read more

During this National Homeownership Month 2009, we recognize that all American families deserve the opportunity to achieve and sustain the American Dream of homeownership. That is why we have taken immediate action to help existing homeowners stay in their homes and provide opportunities for those who are ready to buy their first home. During this month, we are holding foreclosure prevention and other events nationwide. To learn more about our events, visit the Event Calendar

The 09-ML-15 has been posted on http://www.fha.gov. See hot topics on the home page.

Or read the ML directly: http://portal.hud.gov/pls/portal/docs/PAGE/FHA_HOME/LENDERS/MORTGAGEE_LETTERS/2009_MORTGAGEE_LETTERS/09-ML-15%20USING%20FIRST-TIME%20HOMEBUYER%20TAX%20CREDITS.PDF