American Team Mortgage of Mission Viejo Accused of Mortgage Fraud in Oregon
American Team Mortgage of Mission Viejo improperly charged 32 Oregon homeowners for loan application fees and repeatedly violated that state's Unfair Trade Practices Act and Mortgage Rescue Fraud Protection Act, charges Attorney General John Kroger.
Oregon's top cop alleges in a lawsuit that the firm made off with $80,000 in ill-gotten fees.
Of course, $80,000 goes a lot further in Oregon than it does in OC.
The Portland Business Journal has the scoop on the suit filed in Marion County Circuit Court alleging most illegal fees were charged in advance of providing services to clients in violation of Oregon law.
The company may have only obtained loan modifications for two Oregon clients, according to the suit.
American Team Mortgage went out of business in June 2010, leaving dozens of Oregon modification-seekers on the hook for refunds, claims Kroger, who noted at least one client lost his home to foreclosure and others face the same fate.
The suit seeks full restitution for Oregon customers and a permanent ban of the principles ever doing mortgage business again in that state.
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