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Loan Modification

: Mortgage Lender Implode-o-Meter

Hard Money Lender in AZ Seized, Declared Insolvent

By Implode-Explode Heavy Industries

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"State regulators have taken over one of the state's biggest hard-money lenders, Scottsdale-based Landmarc Capital & Investment Co., after declaring it insolvent.

Arizona Department of Financial Institution's Superintendent Felecia Rotellini was appointed receiver for the lender by the state Superior Court on Wednesday.

The regulator alleges Landmarc violated several state lending laws by having a negative net worth, concealing or misrepresenting information about its business, and paying millions of dollars to off-shore companies owned by David Crantz, the firm's president and chief executive officer."

Full post as published by Mortgage Lender Implode-o-Meter on June 25, 2009 (boomark / email).

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