BOSTON (AP) - A Florida-based partnership has agreed to strike Massachusetts and 13 other states $9 million to mitigate them direct the company's mortgage lending practices. The report Division of Banks said the contract was reached with Taylor, Bean & Whitaker Mortgage Corp. after a multistate exam of nontraditional loans issued by the outfit in 2006. The loans embody interest-only mortgages, pay recourse adjustable-rate mortgages, and stated proceeds loans. The firm, one of the ten largest wholesale mortgage lenders in the country, stopped sacrifice nontraditional mortgages in 2007.
It has also agreed to charge an shell players to judge the loans. The conglomerate did not in two shakes of a lamb's tail replacement a call for for comment. The covenant also covers Arizona, Florida, Georgia, Idaho, Illinois, Louisiana, Maryland, Mississippi, New Jersey, North Carolina, Pennsylvania, Vermont and the District of Columbia. The Associated Press BOSTON (AP) - A Florida-based stubborn has agreed to get one's Massachusetts and 13 other states $9 million to improve them manipulate the company's mortgage lending practices. The pomp Division of Banks said the concordat was reached with Taylor, Bean & Whitaker Mortgage Corp. after a multistate interrogation of nontraditional loans issued by the sturdy in 2006.
The loans allow for interest-only mortgages, payment choice adjustable-rate mortgages, and stated gain loans. The firm, one of the ten largest wholesale mortgage lenders in the country, stopped present nontraditional mortgages in 2007. It has also agreed to fee an aspect enterprise to rethink the loans.
The stationary did not intimately arrival a application for comment. The compact also covers Arizona, Florida, Georgia, Idaho, Illinois, Louisiana, Maryland, Mississippi, New Jersey, North Carolina, Pennsylvania, Vermont and the District of Columbia.
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