CFPB Settles Mortgage Scheme Claims Against Atty, Others
Law360, New York (May 5, 2015, 6:25 PM EDT) -- A Florida law firm owner and two management service company executives agreed Tuesday to nearly $12 million each in suspended judgments to settle the Consumer Financial Protection Bureau's claim that the firm collected more than $5 million in illegal fees by recruiting homeowners into "mass-joinder" lawsuits against mortgage lenders.
Under the settlement, Marc Hoffman agreed to an $11.7 million suspended judgment to repay the allegedly illegal fees and satisfy other penalties, ending the bureau's claims that Hoffman Law Group persuaded 1,200 underwater homeowners to pay $6,000 down each and $495 monthly maintenance fees to join a "mass-joinder" lawsuit against mortgage lenders....
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