Columbia, Missouri Mortgage Brokerage Reports FHA Crackdown

Jan. 27, 2010 - PRLog -- Predatory lending is one reason why the United States economy isn't faring too well in recent years. The FHA and HUD have, thus, started cracking down on the lenders that are focused on profits rather than helping those they serve.

At last glance, the FHA had a portfolio of $685 billion in backed mortgages. The government agency is looking to reduce the risk exhibited in this amount by cracking down on the lenders that aren't out to help, but rather to fill their own greedy pockets.

The Federal Housing Administration is particularly looking at default rates when trying to find lenders that aren't applying themselves. Among the fifteen lenders that have been recently revoked, big-names such as Alethes LLC and Alacrity Lending Co. have been released as offenders.

http://MidMoMortgage.com will continue to report on the issue as more details arise. With the crackdowns ongoing, it's likely that as word gets out lenders will start to rethink their devious lending strategies.

The FHA and HUD greatly urge all borrowers to report any unfair activity immediately.

# # #

About MidMoMortgage.com:
MidMoMortgage.com is a brokerage located in Columbia, Missouri. The firm works to satisfy borrowers with old-fashioned chivalry and hard work, unlike shady competitors listed recently in the crackdown list.