Bad Lenders Beware

Statement by FHA Commissioner on court rulingupholding HUD's authority to terminate alender with high default rate.

1 minute read

July 17, 2000, 8:15 AM PDT

By Abhijeet Chavan @http://twitter.com/legalaidtech

Federal Housing Commissioner William C. Apgar today issued the following statement in response tothe ruling by the Fourth U.S. Circuit Court of Appeals upholding the Department of Housing andUrban Development?s authority to bar Capitol Mortgage Bankers, Inc., from originating FHA-insuredmortgages. The Circuit Court reversed a U.S. District Court decision that said HUD had exceeded itsstatutory authority in barring Capitol Mortgage."This is what we are required to do under the National HousingAct that created FHA and the Housing and Community Development Act, which included specifiedappropriate actions to be taken to reduce losses in the FHA program. Bad lenders beware. "

Thanks to Abhijeet Chavan

FULL STORY: HUD No.00-164

Monday, July 17, 2000 in HUD News

Community / Economic Development United States

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Get top-rated, practical training

Start Learning

Advertise with us

Urban Design for Planners 1: Software Tools

This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.