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Loan Modification

: Mortgage Lender Implode-o-Meter

HUD fines broker $11K over direct mail ads

By Implode-Explode Heavy Industries

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"According to HUD, the Baltimore County company suggested that the FHA's reverse mortgage was similar to a government benefits program such as Social Security, rather than a government insurance program that allows seniors to use the equity they built up in their homes. The federal agency also said the company used a facsimile of HUD's seal and a Washington post office box in ads to imply that it had been endorsed by the federal government, rather than simply authorized to lend FHA products."

Full post as published by Mortgage Lender Implode-o-Meter on January 27, 2010 (boomark / email).

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