Former Lend America President Primeau Banned From Doing FHA Business

``The U.S. Department of Housing & Urban Development (HUD) has announced that it is immediately suspending Michael Primeau, former president of Lend America, from doing any business with HUD following his admission that he engaged in a wide-scale mortgage fraud scheme. Specifically, Primeau pled guilty to charges he directed employees of Lend America, a former Federal Housing Adminiostration (FHA)-approved lender, to divert mortgage funds intended to pay off borrowers' first mortgages at refinance closings in order to pay company operating expenses.''