Mortgage Lenders Defends Deals Against Travelers

Law360, New York (December 17, 2007, 12:00 AM EST) -- Bankrupt subprime lender Mortgage Lenders USA Inc. defended deals it had struck with four state banking departments against an objection from Travelers Companies Inc., saying that Travelers had misinterpreted the settlement and relied on speculative arguments.

In a series of settlements Mortgage Lenders submitted to the U.S. Bankruptcy Court in Delaware in November, the lender had said it would pay $845,000 to the Connecticut Department of Banking and $10,000 to the New Hampshire Banking Department.

The debtor had also agreed to surrender its mortgage lender licenses...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.