Suthers Reaches Settlement With Mortgage Companies

By: Associated Press
By: Associated Press

DENVER (AP) -- Two companies collecting money to help homeowners avoid foreclosure have reached agreements with Colorado Attorney General John Suthers, while a third agreed to stop advertising low teaser rates.

Suthers announced Sunday that Castle Rock-based Hawk Financial Services agreed to pay $26,500 in fees unlawfully collected from 31 customers before performing any service. Infinity Funding Group of Bohemia, N.Y., agreed to refund a $3,500 payment collected up front from one customer.

Suthers said Colorado Executive Mortgage agreed to stop advertising low, one-month teaser rates associated with adjustable rate mortgages that appeared were fixed for five years. The agreement announced also prohibits the company from burying the material in the advertisement's fine print.

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  • by Tim Location: WP Co on Jan 11, 2009 at 02:59 PM
    Just seems like someone is doing something to help homeowners. My family had there own news story, was working with someone from the state mortgage fraud task force and we lost our home do to the lack of response. We were pulled into a mortgage that was upside down from the start. The house in ?. 284,000 what we bought the home for and with all the interest almost 750,000. We had the home appraised 190,000 2 months after moving into it. We are back to renting paying almost the same amount as our mortgage was. Funny that people get help and some do not
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