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After admitting to an extensive mortgage fraud scheme, the former president of Lend America was suspended from doing any future business with HUD. Michael Primeau pled guilty to charges that he ordered employees to pay company operating expenses with funds intended to cover borrowers' first mortgages at refinance closings. Previously an FHA-approved lender, Lend America also allegedly violated FHA's origination and underwriting standards on several occasions, according to HUD.
Read More »Former Lend America President Pleads Guilty to Mortgage Fraud
