Federal Housing Administration's Mortgagee Review Board (MRB) took action againt the 1,000 lenders believed to perform fraudulent or predatory lending practices.
Note: The artile 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.
Viist HUDs website here to see details of the specific actions taken againt each lender including reprimands, probations, suspensions, withdrawals of approval, and civil money penalties.
Sorry, but nobody was executed or thrown in prison...
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