WASHINGTON, DC – April 8, 2011 – (RealEstateRama) — The Federal Housing Administration’s Mortgagee Review Board (MRB) today announced a settlement agreement with a Massachusetts mortgage lender for failing to fully verify whether borrowers could sustain their mortgage payments prior to refinancing their loans. Among the alleged violations, the MRB claimed First American Mortgage Trust (FAMT) of Brookline, Massachusetts refinanced mortgage loans for borrowers with serious credit delinquencies without properly analyzing the households’ ability to manage credit
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