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OOPS, another high point for mortgage brokers.

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Crunch Hardtack

Thread Starter
Member
Joined
May 2, 2006
Professional Status
Certified Residential Appraiser
State
Ohio
Link: http://www.oag.state.ny.us/media_center/2009/jan/jan5a_09.html

Excerpt: "NEW YORK, NY (January 5, 2009)—Attorney General Andrew M. Cuomo today announced results of a landmark investigation with the New York State Department of Banking into discriminatory practices in the mortgage brokerage industry. In the first law enforcement action of its kind in New York State, two mortgage brokerage companies – HCI Mortgage and Consumer One Mortgage – will collectively pay $665,000 in restitution to approximately 455 Black and Latino borrowers who were illegally charged higher fees than similarly-situated White borrowers. The companies collectively operate more than 20 branches throughout New York State. The Attorney General also filed a lawsuit in federal district court against another mortgage brokerage company – U.S. Capital Funding, LLC – that engaged in similar discriminatory practices."

How stupid can you get? We all have our personal views on things, but from a business standpoint, a customer is a customer. Those buttwipes should get prosecuted.
 

Tom Woolford

Elite Member
Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
How stupid can you get? We all have our personal views on things, but from a business standpoint, a customer is a customer. Those buttwipes should get prosecuted.


Sounds like they did !
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
That's a nothing fine. A slap on the wrist. The AG should have gone for a $10,000/file fine. Strip them of every dime they made from those deals. Make the risk greater than the reward.
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
That's a nothing fine. A slap on the wrist. The AG should have gone for a $10,000/file fine. Strip them of every dime they made from those deals. Make the risk greater than the reward.

You are correct, sir!
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
That's a nothing fine. A slap on the wrist. The AG should have gone for a $10,000/file fine. Strip them of every dime they made from those deals. Make the risk greater than the reward.


Looks good on a Resume though.
 
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