Mortgage Lenders Settles License Dispute With States

Law360, New York (June 20, 2008, 12:00 AM EDT) -- Bankrupt subprime lender Mortgage Lenders Network USA Inc. has reached settlement agreements with banking authorities in five northeastern states over its mortgage licenses.

In a motion filed Thursday in the U.S. Bankruptcy Court for the District of Delaware, Mortgage Lenders said it had agreed to give up licenses in Maine, Pennsylvania, Rhode Island, Massachusetts and Vermont and pay Rhode Island a $42,714 penalty in order to avoid a costly legal battle over the licenses.

In its motion, the company said that the agreements with all but...
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