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: Legal Pad | LA

Brown takes aim at lending companies, claiming they are scamming homeowners

By Jason Siegel

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California Attorney General Jerry Brown shut down six lending companies this week for alleged predatory behavior.

Calling them "mortgage scam artists," Brown claims the firms - Lifetime Financial, Nations Mortgage, Greenleaf Lending, Virtual Escrow, Olympic Escrow and Direct Credit Solutions - used bait and switch tactics, "psychological pressure, forgery and outright lies," to victimize thousands of Californians.

On Monday, Brown filed a lawsuit against the companies in Los Angeles Superior Court, asking for $20 million in penalties and restitution. He also froze their real estate and bank accounts.

"In the coming weeks, Brown intends to bring additional legal actions, both civil and criminal, against other mortgage lenders and foreclosure consultants who are taking advantage of homeowners across California," reads a press release from Brown's office.

Full post as published by Legal Pad | LA on March 19, 2008 (boomark / email).

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