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NY Regulator Starts Contract for Deed Probe

Phil Hall
May 16, 2016
The New York Department of Financial Services (NYDFS) has subpoenaed lenders with ties to Apollo Global Management LLC regarding potential problems with so-called “contract for deed” seller-financed home sales

The New York Department of Financial Services (NYDFS) has subpoenaed lenders with ties to Apollo Global Management LLC regarding potential problems with so-called “contract for deed” seller-financed home sales.

According to a Reuters report that cited “a person familiar with the matter” as the source, the NYDFS targeted Apollo unit New York Mortgage Trust and affiliate Battery Point Financial to determine if the terms of financial services laws were being violated in their contract for deed transactions or if there were issues related to improper interest rates, tax payments and repairs. ARM Manager LLC, which manages Apollo Residential Mortgage Inc., also received a subpoena from the Department.

The NYDFS makes no mention of the inquiry, although Reuters quoted a Battery Point spokesperson in confirming the inquiry took place.

Published
May 16, 2016
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