The FBI is investigating claims that a massive fraud has taken place at U.S. Mortgage Corp. This is the privately held owner of C.U. National Mortgage that halted loan originations on February 6th and filed for chapter 11 bankruptcy protection earlier this week.
A release by the company stated, “Although (crisis management firm NachmanHaysBrownstein) had sought to avoid a bankruptcy filing in order to save costs and prevent delay, and was supported in this effort by the vast majority of affected credit unions, a credit union insisted upon advising its members to stop sending payments normally to the company on their mortgages.”
The same release also acknowledged “irregularities in the company’s accounts and recordkeeping.”
More information at www.cuinsight.com
Randall C. Smith - Managing Editor
CUiNSIGHT.com
Sunday, March 1, 2009
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