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HUD's Mortgagee Review Board Suspends Seckel Capital, LLC
press release
   

The U.S. Department of Housing and Urban Development today announced that the Department's Mortgagee Review Board (MRB) is immediately suspending Pennsylvania-based mortgage lender Seckel Capital, LLC from originating and underwriting new mortgages insured by the Federal Housing Administration (FHA). In addition, HUD's Departmental Enforcement Center suspended owner John Seckel from doing business with the Federal government.

These actions are the result of an investigation by HUD into the financial practices of Seckel and his company, based in Newtown, Pennsylvania. Specifically, that Seckel knowingly and fraudulently submitted false financial statements to the government certifying they were audited by an independent accounting firm when, in fact, they were not.

HUD found that Seckel Capital and John Seckel engaged in a years-long pattern of submitting false financial statement to FHA, representing them as properly audited by independent certified public accountants. The action against Seckel and his company is the result of HUD's ongoing effort to hold the mortgage industry accountable for the loans they originate, underwrite and/or service. Read more about HUD's Mortgagee Review Board.



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