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Mortgage Lender sues Mortgage Brokers

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John Hassler

Thread Starter
Senior Member
Joined
Jul 23, 2002
Professional Status
Certified Residential Appraiser
State
California
Go get 'em!

Paul Financial Services has filed eight lawsuits in Marin Superior Court since September, saying mortgage brokers breached contracts by providing false information in order to obtain loan proceeds for their clients and profits for themselves.

Full story
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Plaintiff must have been blind.

The breach of contract lawsuits named Sutter West Capital of Santa Rosa; ATG Realty of Oakley; MEA Financial Service Corp. of San Francisco; Financo Financial Inc. of Hayward; 2MAssociates; Benefix Inc. of Campbell; Triton Funding Group Inc. of San Francisco; Alliance Bay Funding Inc. of Newark and Golden State Financing Corp. of Stockton.

"Equity covered a multitude of sins for a long time," Scheer said. "Nobody really cared if there was fraud, but when the values of assets dropped, people started looking at their contractual obligations."
 

John Hassler

Thread Starter
Senior Member
Joined
Jul 23, 2002
Professional Status
Certified Residential Appraiser
State
California
Plaintiff must have been blind.
Perhaps blind in the sense that they did not do enough due diligence in screening their wholesale brokers.


Elliot said:
"Equity covered a multitude of sins for a long time," Scheer said. "Nobody really cared if there was fraud, but when the values of assets dropped, people started looking at their contractual obligations."
The highlighted section pretty much sums up how I believe the general lending community played the game.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Guess who the Mortgage Brokers are going to blame!! hint starts with an A.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Go get 'em!

Paul Financial Services has filed eight lawsuits in Marin Superior Court since September, saying mortgage brokers breached contracts by providing false information in order to obtain loan proceeds for their clients and profits for themselves.

Full story

Shocking news.
 

Lost Cause

Senior Member
Joined
Sep 17, 2004
Professional Status
Certified General Appraiser
State
New York
I wonder why they would waste their time and money with such a suit? Even if they win, they'll never collect the first penny.
 
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