A Florida-based firm has agreed to pay 14 states, including New Jersey, $9 million to help them oversee the company's mortgage lending practices. The state Department of Banking and Insurance said Monday that the agreement with Taylor, Bean & Whitaker Mortgage Corp. calls for the company to modify loans for consumers who are struggling to make monthly payments. Officials say an examination of nontraditional mortgage loans issued by the company in 2006 found numerous irregularities. The firm did not immediately return a request for comment. Other states participating in the settlement include Arizona, Florida, Georgia, Idaho, Illinois, Louisiana, Maryland, Massachusetts, Mississippi, North Carolina, Pennsylvania, Vermont and Washington, D.C. AP.
Tuesday, June 23, 2009
NJ And 13 Other States, Reach Deal With Mortgage Firm
A Florida-based firm has agreed to pay 14 states, including New Jersey, $9 million to help them oversee the company's mortgage lending practices. The state Department of Banking and Insurance said Monday that the agreement with Taylor, Bean & Whitaker Mortgage Corp. calls for the company to modify loans for consumers who are struggling to make monthly payments. Officials say an examination of nontraditional mortgage loans issued by the company in 2006 found numerous irregularities. The firm did not immediately return a request for comment. Other states participating in the settlement include Arizona, Florida, Georgia, Idaho, Illinois, Louisiana, Maryland, Massachusetts, Mississippi, North Carolina, Pennsylvania, Vermont and Washington, D.C. AP.
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