demanding documents and data related?

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demanding documents and data related?

Post  madi123 on Mon Jun 28, 2010 12:17 am

First Tennessee Bank got some unsettling news last week as it prepared to release its fourth-quarter (and full year) 2009 financial results: it and 14 other mortgage lenders are the subject of a federal government probe into the default rates on FHA-backed mortgages originated since 2007.

The Office of Inspector General at the Department of Housing and Urban Development announced it had subpoenaed 15 mortgage companies “demanding documents and data related to failed loans which resulted in claims paid out by the FHA mortgage insurance fund,” HUD said in a news release.

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