Mortgages

Claim forms are being sent to eligible consumers

July 12, 2007 -- TALLAHASSEE, FL – Florida Attorney General Bill McCollum and Office of Financial Regulation Commissioner Don Saxon today announced that more than 48,000 Florida consumers are eligible for $21 million in restitution from Ameriquest Mortgage Company and its related companies. The California-based company signed a settlement with 49 states and the District of Columbia, agreeing to provide $295 million in consumer restitution and to make sweeping reforms of practices that the states alleged amounted to predatory lending.    » read more »

07/12/2007 -- (DENVER) – Colorado Attorney General John W. Suthers announced today that 11,575 Colorado consumers are eligible for $8.3 million in restitution from Ameriquest Mortgage Company – the nation’s largest sub-prime lender – and its affiliates as part of a $325 million national settlement of a predatory lending lawsuit against the company.    » read more »

July 12, 2007 -- SACRAMENTO - California Attorney General Edmund G. Brown Jr. today began mailing restitution claim forms to approximately 78,000 customers who were "targets of improper sales practice" after joining a national $325 million lawsuit settlement with Ameriquest. The settlement provides $51 million for eligible California customers of Ameriquest Mortgage Company, Town and County Credit Corporation, and AMC Mortgage Services, Inc., formerly known as Bedford Home Loans.    » read more »

July 11, 2007 -- BOSTON – Massachusetts Attorney General Martha Coakley has entered into a preliminary agreement with Fremont Investment & Loan ("Fremont"), a subprime lender that originated thousands of loans in Massachusetts. Under the agreement, Fremont will cease foreclosures on loans it originated in the state in order to provide the Attorney General a 90-day review period. During that time, the Attorney General's Office may object to any foreclosure that it determines may be tainted by unfair or deceptive lending practices.    » read more »

North Lauderdale man gets additional sentence for failing to appear in court

July 10, 2007 -- TALLAHASSEE, FL – A Broward County, Florida man will spend 10 years in prison for charges stemming from an elaborate mortgage scheme, Florida Attorney General Bill McCollum today announced. Paul Small pled guilty to three counts of mortgage fraud in a case that involved fraudulent warranty deeds, falsified tax returns and bogus bank statements overstating his assets in a phony company. He was prosecuted by the Attorney General’s Office of Statewide Prosecution.    » read more »

June 29, 2007 -- Washington, DC – Senator Hillary Rodham Clinton today issued the following statement on new subprime lending standards:    » read more »

Subcommittee on Housing, Transportation and Community Development

June 26, 2007 -- "I want to welcome everyone to this critical hearing on “Ending Mortgage Abuse: Safeguarding Homebuyers” and thank the witnesses who are appearing before the Subcommittee today. Many of the members of this Committee, including myself, know first hand about the rising home foreclosures that are devastating communities in our home states. The big question is why? Is it really “the economy, stupid”? Is it as simple as lack of borrower education?    » read more »

Philadelphia, Pa. -- June 26, 2007 -- The Pew Charitable Trusts announced a new effort today to protect American families from dangerous “exploding” subprime mortgages linked to the current record number of home foreclosures. With a two-year investment of $1 million to the Center for Responsible Lending, Pew seeks to curb abusive subprime home loans by strengthening underwriting standards, including verifying a borrower’s income and making sure that borrowers have the ability to repay the mortgage after scheduled increases in the loan’s interest rate.    » read more »

June 25, 2007 -- New Hampshire Attorney General Kelly A. Ayotte announces the issuance of seven additional indictments against Thomas Walsh of Manchester by the June session of the Hillsborough County Grand Jury. Walsh had been indicted on four related felonies in February 2007. The indictments are the result of a continued investigation by the Attorney General’s Office. Walsh previously practiced as an attorney in Manchester, but has been disbarred.    » read more »

June 19, 2007 -- “Today I signed legislation to ensure that all Floridians who participate in the American dream of home ownership receive consumer protections with regard to mortgages. The Office of Financial Regulation will now be fully authorized to enforce the provisions of federal lending laws and any regulations under those laws.    » read more »

Bill criminalizes mortgage fraud, protects consumers

BOSTON – Monday, June 11, 2007 – Today Massachusetts Governor Deval Patrick filed legislation to criminalize mortgage fraud as part of a comprehensive plan to prevent predatory lending and protect families facing foreclosures. The bill follows several regulatory changes already put in place by Governor Patrick to address the rising tide of foreclosures in Massachusetts. In April, the Commonwealth established a hotline for consumers and began assisting homeowners in crisis.    » read more »

DLLR, DHCD Expand Programs to Prevent Foreclosures and Combat Sub-prime Lending Schemes

BALTIMORE, MD (June 13, 2007) – Maryland Governor Martin O’Malley today announced the creation of the Maryland Homeownership Preservation Task Force to help prevent home foreclosures for working families in Maryland. At a press conference in Dundalk, Governor O’Malley declared June “Home Ownership Month” in the State of Maryland and announced a number of statewide initiatives to protect homeowners from foreclosure and predatory lending schemes, known as sub-prime loans.    » read more »

June 11, 2007 -- AUGUSTA – Maine Governor John Baldacci today signed into law LD 1869, “An Act to Protect Maine Homeowners from Predatory Lending,” sponsored by Speaker Glenn Cummings. This far-reaching comprehensive legislation protects consumers from abusive mortgage lending practices.    » read more »

Weakening Housing Market Threatens Economy;Chair of Senate Housing Subcommittee Proposes Federal Regulation for Mortgage Brokers; $300 Million in Federal Funds for Community Non-Profits to Help Homeowners Refinance Current Mortgages; New Efforts Ensure Borrowers Can Repay Loans, Holds Mortgage Brokers and Originators Accountable, Should Lessen This Crisis and Avoid Future Ones

May 3, 2007 -- Washington, DC: U.S. Senator Charles E.    » read more »