Connecticut Seeks Up To $7.6M From Lender

Law360, New York (January 30, 2007, 12:00 AM EST) -- Connecticut’s Department of Banking has suspended the lending licenses of Mortgage Lenders Network USA Inc. and is seeking up to $7.6 million in fines from the subprime lender amid accusations that the company failed to pay out on mortgages.

Mortgage Lenders Network, which specializes in providing loans to people with sub par credit, was hit with an order of summary suspension Tuesday.

Connecticut State Banking Commissioner Howard F. Pitkin found that “public welfare requires immediate action,” according to Tuesday’s order. The order is meant to prevent...
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