HUD Subpoenas 15 In FHA Mortgage Claim Probe

Law360, New York (January 13, 2010, 3:27 PM EST) -- The inspector general of the U.S. Department of Housing and Urban Development has subpoenaed 15 mortgage companies with high default rates in an attempt to determine what's behind their high number of claims against the Federal Housing Administration mortgage insurance program.

HUD's Office of Inspector General said Tuesday that the subpoenas were part of a new federal initiative focusing on mortgage companies with significant FHA claim rates, adding that while no wrongdoing has been alleged, the agency would “aggressively pursue” any signs of fraud or red...
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