Lend America Issues Update On Civil Suit

Oct 21, 2009, 20:48 ET from Lend America

MELVILLE, N.Y., Oct. 21 /PRNewswire/ -- Lend America today issued an update on the civil lawsuit brought on October 20, 2009 against the Company by the U.S. Department of Justice concerning a complaint that alleges the Company falsely certified that borrowers who received over $14 million in loans met the Department of Housing and Urban Development's lending requirements.

The Company's Statement:

"Lend America is pleased to announce that today the court denied the Government's request for an order prohibiting Lend America from originating FHA insured loans. We are obviously pleased with the court's decision. We look forward to continuing our partnership with HUD and our mission of providing affordable financing for those borrowers in need."

About Lend America

Lend America, a National Mortgage Banking Organization, has proudly served the residential mortgage marketplace for over 20 years. The Company is one of the most successful direct to consumer lenders in the United States and is one of the region's largest and most well known FHA direct lenders and is a GNMA approved mortgage backed securities issuer. In addition, the Company has a wholesale lending platform for quality mortgage brokers, a correspondent lending platform for FHA direct endorsed lenders and a direct-to-investor exit strategy solution to help leading Wall Street firms and hedge funds quickly monetize their residential mortgage portfolios. Lend America is the originator of the successful nationwide broadcast television educational seminar programs, titled The Mortgage Loan Network "MLN." The Company offers a wide range of home purchase and refinance programs to meet their clients' individual requirements. Lend America employs approximately 600 employees and is located at 520 Broadhollow Road, Melville, New York, 11747. For more information on Lend America, visit www.lendamerica.com

    John Lovallo
    Lovallo Communications Group
    Telephone: 203-431-0587
    Cell: 203-526-6371
    Email: johnlovalloirpr@sbcglobal.net

SOURCE Lend America