Government files lawsuit against Lend America & Michael Ashley (1 Viewer)

[Raconteur]

Government files lawsuit against Lend America & Michael Ashley in Drag Racing Online.

 

[super duck]

This is very sad. Just when you think someones a good person you find out they aren't. Greed can wreck a person, I guess.

 

[Ugly one]

I thought that people were innocent "until" proven guilty.
We all know that the government can't add 2+2 and end up with anything close to 4.
I choose to wait for a verdict.

 

[The Counterfeiter]

This is very sad. Just when you think someones a good person you find out they aren't. Greed can wreck a person, I guess.

Why don't we wait until the FACTS come to light. Remember Helio Castroneves? Some zealot in the government, acting on bad information, put Helio through hell. He and his sister were completely exonerated.

The first time I met Mike, I was most impressed with the relationship between he and his son. I'm going to give him the benefit of waiting until we find out the full story on these 40 supposedly suspect loans, instead of throwing him under the bus.

 

[Jim]

FYI...the Wall Street Journal is reporting that he judge turned down the request for a restraining order. Not sure if this link will work if you are not a WSJ subscriber.

Judge Turns Down Restraining Order

Jim

 

[POWERMASTER]

Lend America - Wikipedia, the free encyclopedia

Lend America Faces Probe for Alleged Fraud on FHA Loans - Developments - WSJ

 

[rocketman]

Well first Evan Knoll and now this. Don't forget it was the Federal Government and ACORN that leaned on lenders to make housing loans to people not qualified which lead to the recession. So he was doing nothing more than what the Feds were once demanding the industry to do.

 

[HEMI6point1]

Come on.... Give the guy a chance. Of course these says it's all about convict by public opinion.

The sad thing is, I wonder what will happen to his race team and AB?

 

[The Little Lizard]

No matter the outcome regarding this matter, very unfortunate-no winners!

 

[Al smith]

So it is alleged that Ashley made loans to people who had a dream of home ownership but were not in reality fully qualified for a government backed loan? THAT *******!

 

[Mike]

Good Morning,

I thought I would make one post just to state the facts. The lawsuit is packed full of lies. The company closed 12000 loans for the period and employs 600. We have a zero tolerance policy against loan fraud. The lawsuit alleges 40 loans with fraud in them. We take this seriously. However, there is no evidence to prove we knew about the fraud. With 600 employees and 12000 loans during the period we do our best to prevent loan fraud and it is a big task. The evidence provided by the government was nothing more than unbacked overeaching allegations. There is one agent in the IG office that hates me and is on a vendetta. He attacks me every couple of years unsuccessfully. As you probably already know the government lost in court yesterday. Right over might. Give me the benefit of the doubt in this one. This is our taxpayer money at work. Wasting time and money.

 

[vegasnitro]

This seems odd to me ... tens of billions were pilfered on Wall Street in the last couple of years leading to a taxpayer bailout ... and the government is going to take a stand against Mike for a measly 13 million? The agent says Lend America lent out over $1 billion, and they could "only" find 40 suspect loans, I would be willing to bet Morgan-Chase, Bank of America, Wells Fargo et al would love to only have to sweat 13 million on over a billion worth of paper.

Don't get me wrong, to you and me 13 million is A LOT of money ... but when you stack it up against a billion, it absolutely NOTHING.

40 loans could be 1 or 2 ambitious sales reps that learned how to work the system so they could get the commissions.

It could be ambitious junior US Attorneys looking to advance their careers.

It could just be that when you put a billion out there, that 13 million just slipped thru the cracks (1.3 percent).

The dollar amount just seems too low to call shananigans at this point without more information.

In any event, Mike's name is on the door, so his is the name that is going to get dragged through the mud. I operate on the presumption of innocence until proven guilty, until such time, Mike and Lend America have my full support.


EDIT: tree'd by the man himself.

 

[Jim]

I'm inclined to wait and see what shakes out here.
40 potentially bad files out of over 11,000 seems like cherry picking on the Govt's part. Probabably doesn't fairly represent today's standard of due diligent either.

What I think is REALLY odd are the comments on the Wall Street Journal. Sounds like they let every boiler-room dweller who carried a grudge post there. I am shocked ANY of those posters even READ the Journal. Some of the libelous stuff there seems a good case against anonymous posing on forums.

 

[Chuck]

Mike,

Thanks for posting and giving us your side. Good luck and I hope everything works out in your favor.

 

[Paul]

Mike,

Thanks for posting and giving us your side. Good luck and I hope everything works out in your favor.

What he said! Good luck Mike and I hope this works out for you and your company.

 

[Nunz]

Thanks for posting Mike. If every one of the 40 in question turns out to be a problem, I believe that's .003%. With the number of people in the daisy chain involved with a real estate transaction, the thought of never having a problem is idealistic. Given the current environment within the financial industry, I find it hard to believe Mike would intentionally run a fraudulent operation, plus, more importantly, he just seems like a good guy (I know that doesn't mean much, but it's just my gut feeling).

 

[BlueStangGT]

Innocent until proven guilty. Hope all goes well for ya, Mike.

 

[Student of the sport]

Ditto, Innocent until PROVEN guilty!!!

If 1 person in the right position in any situation, whether it is government or the workplace, gets a wild hair and starts something, it snowballs untils it is proven out with facts.

Stand tall Mike!

"D"

 

[elvis]

Sounds like HUD had some people default on their notes and they are looking for someone to blame. I betcha there will be other lenders out there that they will try to squeeze money out of saying they did they same thing.

 

[mw6789]

Good Morning,

I thought I would make one post just to state the facts. The lawsuit is packed full of lies. The company closed 12000 loans for the period and employs 600. We have a zero tolerance policy against loan fraud. The lawsuit alleges 40 loans with fraud in them. We take this seriously. However, there is no evidence to prove we knew about the fraud. With 600 employees and 12000 loans during the period we do our best to prevent loan fraud and it is a big task. The evidence provided by the government was nothing more than unbacked overeaching allegations. There is one agent in the IG office that hates me and is on a vendetta. He attacks me every couple of years unsuccessfully. As you probably already know the government lost in court yesterday. Right over might. Give me the benefit of the doubt in this one. This is our taxpayer money at work. Wasting time and money.

Considering the wonderful job the government is doing of running our country (into the ground), I would be more likely to believe your side, Mike, even though I have never met you. Best of luck to you in your battle against Goliath.