Bureau Of Consumer Financial Protection Files Complaint And Proposed Settlement With Village Capital & Investment Llc
Company Deceived Veterans Regarding Benefits of Mortgage Refinancing Offers
WASHINGTON, D.C. The Bureau of Consumer Financial Protection has filed a complaint in federal court in the District of Nevada alleging a claim of deception against Village Capital & Investment LLC, a non-bank mortgage company headquartered in Henderson, Nev. The Bureau and Village Capital also filed a proposed stipulated final judgment and order to resolve the claim. Documents were filed on Tuesday, Dec. 4.
As described in the complaint and proposed order, the Bureau alleges that Village Capital violated the Consumer Financial Protection Act of 2010 by misleading veterans regarding its Interest Rate Reduction Refinancing Loansloans that allow veterans to refinance their mortgages at lower interest rates with a loan guaranteed by the Department of Veterans Affairs. Specifically, the Bureau alleges that Village Capital misled veterans by overstating the benefits of refinancing.
If entered by the court, the proposed order would require Village Capital to pay $268,869 in redress to consumers and a civil penalty of $260,000. The order would also prohibit Village Capital from misrepresenting the terms or benefits of mortgage refinancing.
The complaint is available at:
The stipulated final judgment and order is available here.
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Village Capital And Invesment Llcd/b/a Village Home Mortgagemount Laurel New Jerseymortgage Company License No: Mc3317
The Commissioner of Banks having determined that VILLAGE CAPITAL AND INVESTMENT, LLC D/B/A VILLAGE HOME MORTGAGE., , located at 700 East Gate Drive, Suite 400, Mount Laurel, New Jersey, has engaged in, or is engaging in, or is about to engage in, acts or practices constituting violations of Massachusetts General Laws chapter 255E, and applicable regulations found at 209 CMR 42.00 et seq., hereby issues the following TEMPORARY ORDER TO CEASE AND DESIST AND NOTICE OF ADMINISTRATIVE PENALTY pursuant to General Laws chapter 255E, section 7 and General Laws chapter 255E, section 11.
FINDINGS OF FACT
Village Home Mortgage shall cease mailing any Solicitations to Massachusetts consumers that contain any representations or statements that could be considered false, misleading or have the tendency or capacity to be misleading including but not limited to:
David J. Cotney
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Village Capital And Invesment Llcd/b/a Village Home Mortgagemount Laurel New Jerseymortgage Lender License No: Ml3317 Et Al
WHEREAS VILLAGE CAPITAL AND INVESTMENT, LLC D/B/A VILLAGE HOME MORTGAGE, , with its main business office located at 700 East Gate Drive, Suite 520, Mount Laurel, New Jersey, has been advised of its right to Notice and Hearing pursuant to General Laws chapter 255E, section 7, and having waived those rights, entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER with representatives of the Division of Banks dated July 18, 2011, whereby, solely for the purpose of settling this matter, Village Capital and Investment agrees to the issuance of this CONSENT ORDER by the Commissioner of Banks
WHEREAS, the Division of Banks , through the Commissioner, has jurisdiction over the licensing and regulation of persons and entities engaged in the business of a mortgage lender and mortgage broker in Massachusetts pursuant to Massachusetts General Laws chapter 255E, section 2
WHEREAS Village Capital and Investment is, and at all relevant times, has been a foreign corporation conducting business in the Commonwealth of Massachusetts. Village Capital and Investment’s main office is located at 700 East Gate Drive, Suite 400, Mount Laurel, New Jersey
WHEREAS, on July 20, 2010 the Division issued a Temporary Order to Cease and Desist and Notice of Administrative Penalty, Docket No. 2010-249 against Village Capital and Investment based upon information reflected in a consumer solicitation received by Massachusetts consumers from Village Capital and Investment.
ORDER
Inside The Fall Of Fortress
Fortress Real Developments raised $920-million from 14,000 Canadians who thought they were getting low-risk, steady income. Now, as the company comes under the pressure of an RCMP investigation and faltering projects, some face the prospect of devastating losses
This article was published more than 3 years ago. Some information may no longer be current.
Four years ago, Mr. Narciso was framing a roof in Toronto when he fell several metres, breaking his spine and leaving him partially paralyzed. Confined to a wheelchair and unable to work, the now 58-year-old received a $500,000 insurance settlement to help support himself, Ms. Cortes and their daughter, now five years old.
The couple wanted to put the money into a safe, income-generating investment but had little experience with investing. An acquaintance introduced them to an adviser well-known in Torontos Portuguese community, who suggested one of their best options was to invest in a so-called syndicated mortgage, a pool of funds that would help finance early-stage real estate projects.
He said that the only way it could go wrong was if the real estate market collapsed, which was extremely unlikely at that point, recalls Ms. Cortes, 35.
In 2015, the couple agreed to hand over their whole $500,000 settlement, joining 600 other investors who would collectively pool $36-million for the Collier Centre project.
But there were fees, and they were high.
WHERED THE MONEY GO?
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