Company Swindled Homeowners, Attorney General Says (May 5, 2008)
Attorney General Roy Cooper filed suit against Alphin Marketing Group, Inc., also known as Alphin Group for targeting distressed homeowners with false offers to help save them from foreclosure. Cooper is seeking to permanently bar them from offering foreclosure assistance and debt adjusting services in North Carolina, and is asking the court to cancel the company’s contracts with consumers and pay refunds.
The Pace of Mortgage Delinquencies Speeds Up (April 10, 2008)
A new report by Equifax, the credit bureau, and Moody’s Economy.com shows that 4.46% of mortgages were at least 30 days past due at the end of the first quarter, up from 3.98% in the fourth quarter and up 2.92% a year earlier. The foreclosure rate, meanwhile, jumped to 1.39%, from 1.08% at the end of last year and 0.58% a year earlier.
Attorney General advises on Nevadans rights for foreclosures (April 9, 2008)
Nevada Attorney General Catherine Cortez Masto wishes to advise Nevadans about their rights, under laws enacted in 2007, pertaining to pending foreclosures of their homes. Consumers may contact the Attorney General’s Bureau of Consumer Protection about home foreclosure. A complaint form, as well as other information on consumer protection, is also available on the Attorney General’s website at www.ag.state.nv.us.
State attorney general targets 3 mortgage companies (March 27, 2008)
Three South Florida companies were accused Wednesday of running a mortgage Foreclosure rescue operation that defrauded more than two dozen homeowners of more than $1 million in home equity, according to a lawsuit filed by Attorney General Bill McCollum. rescue operation that defrauded more than two dozen homeowners of more than $1 million in home equity, according to a lawsuit filed by Attorney General .
Attorneys general in Illinois, Florida, New York, Connecticut, Ohio are among the state regulators and cities that have filed cases or disclosed investigations targeting Wall Street firms' roles in the subprime mortgage market, listed and summarized in this article.
AG loses foreclosure argument(February 5, 2008)
Ohio Attorney General Marc Dann suffered his first setback Monday in his effort to slow foreclosure filings in the state. Dann argues that lenders can't foreclose unless they have the paperwork to prove that they own the mortgage they say is in default. Studies show that up to 40 percent of foreclosures nationwide could be affected. Monday, however, Common Pleas Court Magistrate Michael Bachman rejected Dann's argument, and claimed that Dann was acting against the interests of his clients - the taxpayers of Ohio - by moving to dismiss foreclosure cases in which the state has liens against the properties.
2 Attorneys General Probe Countrywide (December 15, 2007)
In an attempt to understand why people who do not seem to be able to afford loans have been granted loans, attorneys general in California and Illinois are investigating the lending practices of Countrywide Financial Corp., the nation's largest mortgage lender. The Illinois attorney general launched a probe into the lender's business practices and may expand the investigation to examine how homeowners were approved for mortgages with payments they were unable to afford.
How to Solve a Subprime Mess? An Iowan Says, Let’s Caucus (December 9, 2007)
Long before subprime mortgages were on the national agenda, Tom Miller, the attorney general of Iowa, led teams of state officials to negotiate major settlements with home lenders accused of misleading and overcharging borrowers. While some AGs are quick to prosecute, Miller asserts that as an advocate for consumers, his group must try to forestall the devastation that foreclosures wreak upon neighborhoods and has been pressuring mortgage servicing companies to modify loans before borrowers fall too far behind.
Attorney General Talks about Mortgage Crisis (November 12, 2007)
Texas AG Greg Abbott has been doing outreach to Texans, offering advice on how to prevent home foreclosures before it is too late. Attorney General Abbott and the Association of Community Organizations for Reforms Now (ACORN) are encouraging homeowners to be pro-active and seek help as soon as difficulties emerge. AG Abbott has also called on mortgage lenders to help reduce foreclosures by working with borrowers to find affordable payment options before it's too late. "The sooner homeowners seek help, the more options that will be available to them.”
Attorney General Accuses Company of Mortgage Scam (October 24, 2007)
Texas AG Greg Abbott is suing Houston-based Southern Residential LLC for violating the Deceptive Trade Practices Act. Abbott accuses the company of collecting up to one month’s mortgage payment from consumers and then cutting all contact with them. Because of Abbott’s allegations, District Judge Grant Dorfman of Harris County has temporarily frozen the company’s assets and ordered it to stop accepting fees from consumers.
Texas Attorney General asks Lenders to Prevent Foreclosure (October 12, 2007)
In anticipation of $600-billion worth of subprime adjustable-rate mortgages hitting rate resets in Texas next year, Texas AG Greg Abbott has appealed to three of the state’s largest lenders. In his statement to Countrywide Mortgage, Houston-based Litton Loan Servicing and Dallas-based EMC Mortgage Corp, Abbott offered five concrete suggestions for preventing foreclosures.
Attorney General Files Complaint Against Mortgage Lender (October 9, 2007)
Maine Attorney General Steve Rowe filed a complaint against Downeast Mortgage Corp., Commercial Street Capital LLC, James Lindvall, who is a principal in both companies, and loan officer Catherine Campbell. The defendants are accused of misleading a couple into a commercial home loan after Downeast Mortgage originally denied the loan application. Expectedly, the couple has been unable to repay it and their home is undergoing foreclosure. Says Rowe, "Mortgage loans should only be made when the consumer qualifies, is informed of the terms and has the ability to repay the loan."
Connecticut Plans to Sue Broker (October 8, 2007)
The World’s largest reinsurance broker, Guy Carpenter and Co. LLC of Marsh and McLennan Cos., is being sued by Connecticut AG Richard Blumenthal. The AG accuses Guy Carpenter and Co. of conspiring with more than twenty reinsurers to fix prices, eliminate competition and substantially increase profits in the reinsurance market, violating Connecticut’s antitrust and unfair trade practices acts. The lawsuit seeks damages, restitution and civil penalties for injuries suffered by Connecticut consumers.
States Begin the Battle Against Mortgage Fraud and Predatory Lending Schemes (September 7, 2007)
AG’s across the country are beginning to take action against home foreclosure crisis. In Texas, AG Greg Abbot has helped create the Texas Residential Mortgage Fraud Task Force. In Connecticut, AG Richard Blumenthal has filed suit against 7 companies and individuals over misleading mortgage schemes that preyed upon low-income borrowers. The state of Virginia has joined Maryland in blocking Metro Dream Homes from offering homeowners mortgage-free living through a complex investment program, citing concerns about potential consumer "harm and economic loss." Iowa's foreclosure trouble has Attorney General Tom Miller working to establish a mediation service between lenders and borrowers.
Miller works on foreclosure mediation plan (August 22, 2007)
AG Miller is crafting a plan to bring home buyers and lenders together to discuss ways they can make loan repayments more affordable. If successful, Iowa's program could be used by other states as a model to fight foreclosures.
Cuomo: Bank preyed on subprime customers (August 16, 2007)
Under a settlement agreement with the New York State Attorney General's office, First Premier Bank will pay $4.5 million in refunds and $105,000 in penalties and costs to thousands of its subprime credit card customers statewide.
Dann Sues Foreclosure Rescue Companies (August 9, 2007)
Ohio Attorney General Marc Dann sued six foreclosure rescue companies that prey on Ohioans in danger of losing their homes. The companies solicited money from consumers, ranging from $450 to $10,000, assuring that they could save clients’ homes from foreclosure. The lawsuits accuse the companies of violating the Consumer Sales Practices Act, and also demand practitioners of foreclosure rescue to comply with the Debt Adjuster Act, requiring companies to have insurance, limit consulting fees, undergo annual audits and keep separate trust accounts for clients.
Coakley Addresses Home Foreclosure Crisis (August 8, 2007)
Massachusetts Attorney General Martha Coakley proposed amendments to current mortgage broker and mortgage lender regulations to address recent deceptive tactics used in the mortgage industry. The proposals prohibit lenders from making loans they don’t think borrowers can repay, require borrowers who get “no-documentation loans” to sign statements disclosing their incomes, ban lenders from arranging any loan not in a borrower’s best interests, and stop lenders from steering borrowers into loans more costly than the cheapest ones a person qualifies for.
Massachusetts Attorney General Office Trains Over 150 Attorneys to Provide Pro Bono Legal Services to Homeowners Facing Foreclosure (June 25, 2007) (Press Release)
In collaboration with several bar and advocacy groups, Massachusetts Attorney General Martha Coakley’s Office hosted a two-day training session for approx. 150 local attorneys to provide pro bono legal assistance to homeowners facing foreclosure. AG Coakley’s plan also includes a foreclosure hotline and emergency regulations to protect consumers.
PLUS:
Del. part of nationwide Ameriquest settlement
The News Journal, DEThe News Journal, DE
Natural Wonders: Knowledge is power; don't be a victim Enterprise-Record, CA - Jul 21, 2007
