Pennsylvania AG Files Loan Mod Fraud Lawsuit

Phil Hall

Jul 27, 2018

Pennsylvania Attorney General Josh Shapiro has filed a lawsuit against five mortgage foreclosure companies within the state and two company owners for loan modification fraud that resulted in some homeowners losing their properties.

The lawsuit named companies owned by Mark Goldstein and Drew Alia, including GMK Solutions, the Foreclosure Law Center, Century Legal Group, Alia Law Group and the Law Offices of Drew Alia. Shapiro’s litigation claimed Pennsylvania homeowners and other consumers paid the defendants more than $280,000 for transactions conducted between 2008 and 2015.

The lawsuit accuses the defendants of violating Pennsylvania’s Unfair Trade Practices and Consumer Protection Law and the Pennsylvania Mortgage Licensing Act and seeks injunctive relief and restitution in excess of $280,000 total for all consumers that were preyed upon.

“Defendants Mark Goldstein, Drew Alia and their companies preyed upon dozens of Pennsylvanians and other consumers who thought they were making a smart decision for their home and family,” Shapiro said. “They wanted to lower their interest rates, modify their mortgages, and save their homes. Instead, all they received from these defendants were false promises and no services. Some even lost their homes. This misleading scam was outrageous and I’m suing to get restitution for every person and hold these companies accountable.”

Link copied

Published

Jul 27, 2018

Operations

Founder Fights loanDepot Board Over Adding WFG CEO

Anthony Hsieh intends to use his voting power to add Steve Ozonian as a director over board's objections.

Anthony Hsieh is out as executive chairman of loanDepot Inc. following a proxy fight over his bid to add the CEO of Williston Financial Group (WFG) to his company’s board of directors. Hsieh, who founded loanDepot in 2010 and is the company’s largest shareholder, sent a let...

Operations

Guild Mortgage Acquires Legacy Mortgage

San Diego-based lender continues to expand, adding New Mexico company.

Guild Mortgage continued its efforts to grow through acquisitions on Tuesday, announcing it has acquired Legacy Mortgage, an independent lender based in New Mexico. Terms of the transaction were not disclosed. Legacy Mortgage was founded in Albuquerque, N.M. in 2002, and w...