Minnesota sues mortgage brokers
I think the stories of Loan Modification companies getting sued will become very common in the coming months. As it stands everybody that was from the sub prime mortgage industry are trying to make money from Loan Modifications. The same people that caused this in the first place. I think the DRE is very much to blame here but till people get smart , you can go ahead and blame the lenders.
On Thursday, Minnesota Attorney General Lori Swanson filed lawsuits against two Florida companies that she said have ripped off troubled Minnesota homeowners.
Swanson alleged that IMC Financial Services and American Financial Corp., which is doing business as National Foreclosure Counseling Services (NFC), violated Minnesota law by charging upfront fees of as much as $1,850 to renegotiate mortgage terms and not doing so.
American Financial Corp. also has been sued by the attorneys general of Illinois and Colorado. In August, Swanson sued another mortgage foreclosure consulting firm based in Florida, as well as one based in New Jersey.
