Federal Housing Administration’s Mortgagee Review Board (MRB) took action against the 1,000 lenders believed to perform fraudulent or predatory lending practices.
Note: The article also mentioned the MRB suspended 905 other companies for one year for failing to comply with the MRB’s annual recertification requirements and assessed $3,500 fines against 147 lenders which had been out of compliance but had cured that situation.
Go to the Mortgage Daily News story which addresses the details.
Visit HUDs website here to see details of the specific actions taken against each lender including reprimands, probations, suspensions, withdrawals of approval, and civil money penalties.
Sorry, but nobody was executed or thrown in prison…