Mortgage Cos. Shut Down Over Missing Client Funds

Law360, Houston (August 19, 2013, 8:22 PM EDT) -- A pair of Houston-based mortgage remittance companies that offered to help customers pay for their homes early have been put out of business for allegedly mismanaging millions of dollars belonging to their clients, the Texas Department of Banking said Monday.

House Savings Investment LLC and AA House Savings Financial Inc. entered an agreed injunction Aug. 13 that permanently places both companies into the hands of a court-appointed receiver who is trying to recover more than $3 million in missing customer funds.

Ojay M. Grace, an attorney...
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