Loan mod 'boiler room' alleged
Lawsuit reveals details of California company's operations
By Matt Carter, Friday, July 24, 2009.
A loan-modification company based in Southern California allegedly spent $70,000 a week on radio and television advertising for its sales force to generate 500 calls a day from desperate homeowners facing foreclosure around the country.
Employees reportedly manned 44 office cubicles, working staggered shifts in "a well-appointed telephone boiler room" to generate about $6.2 million in revenue for Anaheim, Calif.-based H.E. Servicing Inc. and related businesses, but helping only about one in 10 of the nearly 3,000 borrowers who paid up-front fees of $1,000 or more.
more...
Premium Member account.
Premium Members have full access to all news archives.
Buy Now Purchase 1-year Premium Membership - $149.95
OR
Buy Now Purchase Monthly Premium Membership - $19.95
All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.
Bookmarking Sites
