Nearly two
years ago, ProPublica published an article about Houston-based Allied Home
Mortgage.
The publication
seemed irked that the CEO of Allied, Jim Hodge, was in
business.
"The firm
has left behind a trail of alleged misconduct and piecemeal government
sanctions spanning at least 18 states and seven years," states the
article. "Yet Allied chugs along unimpeded, aided by access to the
government-backed Federal Housing Administration loan program."
Since then, the
FHA banned Hodge from using its backing for mortgage originations — an
enjoinment still in force. And that wasn't the only threat to Hodge.
In November 2011, Preet Bharara, a U.S. attorney in Manhattan
filed $834 million lawsuit against Allied Home Mortgage and Hodge. Bharara said
officials continue to investigate Allied and did not rule out future criminal
charges.
"Today,
Allied's business as usual comes to an end," Bharara said.
But,
HousingWire learned that Hodge is back in business, originating mortgages
without FHA-backing. His new company is called AllQuest Home
Mortgage Corp., and, according to sources, he's pleased to be able to stay in the
business.
"He is
excited about turning his name around," the source said, adding that after
the FHA ban, Hodge "fired half his staff, relaunched a correspondent
divison and already funded $25 million."
AllQuest
confirms that it is in business and originating mortgages. Hodge said he'd love
to have a chat, but he is currently traveling.
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