Prospect Settles With DOJ; Upcoming Events; State-Level Changes

By Rob Chrisman

Posted To: Pipeline Press

HUD is recommending that Fannie Mae tweak upward its affordable housing goals for 2018-2020. The news prompted one industry vet to send, “Although this specifically mentions ‘affordable housing,’ people who don’t remember history are doomed to repeat it . Don’t forget what happened when the government started pushing agencies and investors to do things that resulted in going outside of their underwriting and policy comfort level just to increase ownership.” In legal news, California’s Prospect Mortgage Co. has agreed to pay $4,157,000 to settle allegations that it defrauded the DE program . The alleged civil fraud was carried out against the Direct Endorsement Lender Program, which is administered by the Federal Housing Administration and U.S. Department of Housing and Urban Development. Prospect…(read more)

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