Cuomo said the administrative actions by HUD's Mortgagee Review Board should serve as fair warning to unscrupulous lenders who violate FHA regulations and defraud the public.
Bad lenders beware.
If you try to defraud the consumer, or HUD, or don't follow the rules, we will come after you and take action. The sanctions, which were published in the Federal Register, are the result of standard compliance reviews required of all FHA-authorized lenders. The Federal Housing Commissioner and five other senior HUD officials comprise the board. HUD debarred Apollo Mortgage and Financial Services, Inc. of St. Petersburg, FL, from doing business with the federal government for one year, and the Mortgagee Review Board recommended that its principals be debarred for the same period of time.