US Bank Among 6 FHA Lenders to Face HUD Actions

Posted on November 6, 2009
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U.S. Bank, N.A., is accused of failing "to provide necessary documentation delayed the re-sale of the foreclosed property and the department’s mitigation of the FHA fund’s losses in connection with the claim," the U.S. Department of Housing and Urban Development said in a news release. The Minneapolis-based institution "agreed to settle allegations that it violated HUD/FHA requirements in the submission of documentation necessary for the department to process a claim on a multifamily insured property" for an administrative payment of $37,500. In all, four Federal Housing Administration-approved lenders settled with HUD, while the agency hit two other approved mortgagees with $27,000 in civil money penalties.

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