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Mulaman
19 Posts |
 Posted - 07/23/2008 : 5:46:05 PM
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Thought this might be interesting, especially to you CA brokers.
AP. Washington plans to revoke the license of a California mortgage broker.
The Department of Financial Institutions said an investigation found that Paramount Equity Mortgage Inc. engaged in deceptive lending practices.
The company also will be fined $500,000 and have to pay restitution for Washington borrowers, according to a statement.
Paramount is accused of charging and collecting unearned fees, charging consumers to buy down interest rates without actually reducing rates, failing to make required disclosures, and making state and federally required disclosures in a deceptive manner.
The company made more than 1,700 mortgage loans to Washington borrowers in 2007, collecting more that $8.7 million in fees.
What do some of you CA brokers know about them?
I have heard their commercials way too much on the radio station I listen to and have always been irritated by the way he (Hayes Barnard) portrays that "the Fed just lowered the rates again and interest rates are at near record lows". Implying that the Fed rate cut means your rates were cut. Apparently the pitch worked since they did some volume in WA.
I'm surprised he wasn't cited for deceptive advertising based on several other commercials I heard.
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financeone
1646 Posts |
Posted - 07/23/2008 : 5:51:33 PM
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| I hear his crap daily. Adios A-hole. |
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rtrefflich
3414 Posts |
Posted - 07/23/2008 : 5:53:17 PM
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| I have heard him for a while, but everyone makes the same BS pitch that the fed cuts drops your interest rates too. |
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dkendall1979
10261 Posts |
Posted - 07/23/2008 : 5:55:33 PM
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| They'll just file BK and the wealthy owner will go about his life. |
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VVance
2489 Posts |
Posted - 07/23/2008 : 5:58:11 PM
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quote:
Originally posted by dkendall1979
They'll just file BK and the wealthy owner will go about his life.
All they have to do is follow the Mozilo model. |
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dkendall1979
10261 Posts |
Posted - 07/23/2008 : 6:01:45 PM
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He's hardly the crusader of BK protection. I've worked at 3 companies over the past couple years that have gone this route. Only 1 of those 3 CEO's is having difficulties now. The other 2 are worth millions.
quote:
Originally posted by VVance
quote:
Originally posted by dkendall1979
They'll just file BK and the wealthy owner will go about his life.
All they have to do is follow the Mozilo model.
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VVance
2489 Posts |
Posted - 07/23/2008 : 6:28:59 PM
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quote:
Originally posted by dkendall1979
He's hardly the crusader of BK protection. I've worked at 3 companies over the past couple years that have gone this route. Only 1 of those 3 CEO's is having difficulties now. The other 2 are worth millions.
quote:
Originally posted by VVance
quote:
Originally posted by dkendall1979
They'll just file BK and the wealthy owner will go about his life.
All they have to do is follow the Mozilo model.
Your right. He had the F.O.A. club, just in case. |
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