As the market tightens and it is harder to find lending opportunities for the mortgage industry, I think that cases such as this will pop up more and more often. It is a dangerous precedent to set letting the companies off with such a low fine as predatory lenders will think that predatory lending is worth the risk.
And that is not good for society as a whole.
Five lenders have reached agreements with the state to resolve allegations they used deceptive advertising to target Orlando-area Hispanics for mortgage refinancing and other home loans. The Florida Attorney General’s Office said the companies, without admitting guilt, have agreed to abide by state and federal laws and will donate $1,500 each to the state’s Hurricane Relief Fund. The companies are Streamline Mortgage Solutions Inc. of Orlando; Hard Equity Lending LLC, doing business as Simple Home Loans of Orlando; CFL Home Equity Inc. of Maitland; JVD Financial Services Inc. of Jacksonville; and Premier Mortgage Funding Inc. of Clearwater. The companies were investigated by the attorney general’s economic crimes division for advertising financing services to Hispanic homeowners, then featuring certain disclosures in English rather than Spanish. via the OrlandoSentinel.com
No related posts.
