Prospect Mortgage Fined $416 Million for crisis-era FHA lending violations
While most of the country spent the early part of this week consumed by fireworks and consuming copious amounts of hot dogs and hamburgers, one mortgage lender found itself joining a list that includes Wells Fargo, Walter Investment, Freedom Mortgage, and many more. On Monday, the Department of Justice announced that Prospect Mortgage will pay more than $4 million to settle allegations the company committed civil mortgage fraud by underwriting mortgages that did not comply with Federal Housing Administration standards. That makes Prospect the latest lender . . .
