Nearly 20,000 borrowers will receive a second compensation check this week from a fund that resulted from the FTC's settlement with home mortgage lender First Alliance Mortgage Co. and its CEO. Borrowers who obtained home mortgage loans through First Alliance previously received compensation for the loan origination fees the company charged them in a round of checks mailed in December 2002. The additional money comes as the parties continue to implement a settlement agreement. According to the settlement, the initial pool of almost $45 million was slated to more money as First Alliance was liquidated in bankruptcy. The additional funds bring total consumer redress to $65 million. First Alliance, headquartered in Irvine, Calif., formerly offered home loans, usually secured by first mor...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.