Independent Mortgage Brokers Escape Settlement Risks
Household International’s predatory lending settlement in 48 states had some exclusions. So did a recent Ameriquest settlement. Excluded are mortgages arranged by independent mortgage brokers. Those small, local companies arrange most high-rate loans. Internet brokers are just as prolific.
Knowing where most of their business came from, predatory lenders simply exclude them from settlement offers without admitting any wrongdoing of any type. Ameriquest, Household International and HSBC Finance Corporation did not do any favors for home owners. Remember, there is a big difference between sub-prime loans and predatory loans.
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