The HUD inspector general has issued subpoenas to 15 mortgage companies demanding the files and data for failed loans which resulted in claims paid out by the FHA mortgage insurance fund.
While they aren't claiming any fraud has occurred, they are saying the goal of this probe is to determin why there is such a high rate of default and claims with these companies.
The 15 companies subpoenaed are:
First Tennessee Bank N.A., Memphis, TN
Alethes LLC, Lakeway, TX...