Despite the Federal Housing Administration withdrawing the approval of more than 1,100 lenders since January, an investigation by the Washington Post found FHA-approved lenders are employing executives with criminal records.
Through documents and interviews, WaPo reports that more than 34,000 home loans have been issued over the past two years by a dozen FHA-approved lenders that have employed people convicted of felonies, banned from the securities industry or previously worked for firms barred by the agency.
But he added, “By no means do I think are we are out of the woods, yet. . . . There are going to be some of these guys who slip through.”
Executives with criminal records slip through FHA crackdown, documents show