Federal housing officials have accuse Lend America of falsely certifying that would be home buyers that received $14 million in loans were financially sound enough to meet the Government’s mortgage insurance requirements.
Lend America’s Chief Strategist, Michael Ashley, knows what it’s like to service a legal fight with the Fed’s. In the early 1990s, Ashley was working at his father Kenneth’s mortgage lender when the government accused it of defrauding Freddie Mac.
Ashley pleaded guilty to mail fraud on his attorney’s advice. Ashley was given probation and told to fork over $30,000 to Freddie Mac. He was allowed to reenter the government-regulated mortgage business by the end of the decade. His father wound up serving nearly four years in Federal prison.