On Tuesday, November 1, 2011, HUD suspended Allied Home Mortgage Corporation from originating and underwriting new mortgages insured by the Federal Housing Administrator.
In addition, the Government National Mortgage Association has also suspended the company from issuing Mortgage-backed Securities. The company has been cited for numerous violations of HUD/FHA requirements.
HUD is also suspending the company's president and chief executive officer, James C. Hodge.
This ALERT has been published for the sole purpose of meeting the company's predetermined underwriting criteria, and should in no way be construed as the opinion of The Fund as to the financial stability or impropriety of the parties or entities named in this ALERT.