FTC Investigating Sub-Prime Lenders
Wall Street company Bear Stearns & Co. disclosed last month that its loan-servicing company, EMC Mortgage Corp., which collects bills and buys loans from sub-prime lenders, had handed over documents to the FTC. In a regulatory filing, Bear Stearns said the FTC was investigating “various unnamed sub-prime lenders, loan servicers and loan brokers” for possible violations of consumer-protection laws.
John Yanchunis, a Florida attorney who has filed a series of class-action complaints against servicers, has alleged in two federal lawsuits that EMC systematically failed to post mortgage payments accurately, provided inaccurate information to customers and imposed a range of improper charges.
Bear Stearns spokesman Russell Sherman declined to comment.
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