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Banking & Finance

August 31, 1993|From Times Staff and Wire Reports

HUD Announces Settlements: Thirteen mortgage lenders cited for irregular actions will reimburse the government a total of $1.2 million, the Department of Housing and Urban Development said. The irregularities included over-insuring mortgages, failing to comply with requirements of the Home Mortgage Disclosure Act, improper lending practices and receiving improper payments, HUD said, adding that the institutions agreed either to financial settlements or corrective actions. It was the first citation for each, it said. The largest settlements: $400,000 from Broekema & Associates of San Diego; $311,508 from County Mortgage Co. of West Caldwell, N.J., and $101,903 from First Mortgage Corp. of Tempe, Ariz.

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