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california attorney general

Brown Arrests Three Mortgage Brokers for Stealing Nearly $1 Million from Borrowers

by Moe Bedard

From the Califonia AG / Los Angeles- Continuing his fight against mortgage scams, Attorney General Edmund G. Brown Jr. today announced that agents from his office have arrested Michael McConville, and two of his associates for their roles in a “criminal conspiracy” to steal nearly $1 million from borrowers seeking to refinance their homes.

Schedule note: [...]

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Brown and FTC to Unveil Nationwide Crackdown on Loan Modification Scams Wednesday

by Moe Bedard

This is a long time coming.
It looks like California Attorney General Brown and the FTC will announce a nationwide crackdown on loan modification scams this Wednesday in Los Angeles.  The announcement will name massive loan modification scams operating in Los Angeles and Orange Counties.

The AG & FTC have dubbed the crackdown, “Operation Loan Lies.”
I am eagerly awaiting [...]

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Brown Directs Foreclosure Consultants to Register with his Office and Post $100,000 Bond

by Moe Bedard

Oakland — Continuing his fight against scam artists who “prey on” vulnerable Californians, Attorney General Edmund G. Brown Jr. today issued a directive forcing foreclosure consultants to register with his office and post a $100,000 bond by July 1, 2009.

Those who fail to do so will be in violation of state law, subject to criminal [...]

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State AG’s Take Up Fight for Scammed Homeowners: Are They the Answer to Protecting Homeowners?

by Moe Bedard

Can our nation’s state attorney generals intervene in the markets based on the simple fact that from Wall Street to Main Street, the credit, mortgage and housing bubbles were built on nothing but unfair and deceptive business practices?”
Massachusetts Courts: In roundly rejecting these contentions, the Court stated that Option One and H&R Mortgage “cannot credibly [...]

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Countrywide & Bank of America Watch: The 11 State Attorney General Settlement in Context

by Moe Bedard

Homeowner Relief? The Recent Countrywide Settlement in Context
A recent settlement between the California Attorney Generals office, joined by 10 additional states, resulted in one of the widest reaching predatory lending settlements in US history.
Under the landmark agreement, Countrywide Financial’s new owner, Bank of America, agreed to proceed with loan modifications on nearly $8 billion [...]

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Brown Sues Countrywide For Mortgage Deception

by Moe Bedard

LOS ANGELES–California Attorney General Edmund G. Brown Jr. today sued Countrywide Financial, its chief executive Angelo Mozilo, and president David Sambol, for engaging in deceptive advertising and unfair competition by pushing homeowners into mass-produced, risky loans for the sole purpose of reselling the mortgages on the secondary market.
“Countrywide exploited the American dream of homeownership and [...]

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