Recent News and Articles on the Keywords: mortgage + say + casino Related to the article below (Last Update: 12/7/2008) | | News results: Standard Version | Text Version | Image Version | Results 1 - 10 of about 141 for mortgage say casino. (0.06 seconds) |
| | GAMBLING: Say hello to Aliante StationLas Vegas Review - Journal, NV - Nov 11, 2008She said everything is on schedule for her company to open its 11th hotel-casino tonight following a 10 pm fireworks show. Nelson said the opening has gone ... |
Bad economy ripples in mainstreamSt. Louis Post-Dispatch, United States - In addition to sales, he's worked as a dealer at a casino and he's worked as a termite inspector. Nancy has had a variety of jobs, too. ... |
Man pleads guilty in bogus investment schemeArizona Daily Star, AZ - Dec 5, 2008According to the US attorney, Holst gambled the money intended for investment at a casino, defrauding his clients of about $350000. He created phony account ... |
Galveston Housing Authority to emulate BiloxiDaily News - Galveston County, TX - Nov 29, 2008Some public housing advocates in Biloxi say the unstable economy and nationwide mortgage crisis could make it difficult for Galveston to follow Biloxi?s ... |
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Mortgage Fees Transferred To Casino, Officials Say
Deposits that borrowers leave with mortgage brokers are supposed to be held in trust accounts, but state officials say King Mortgage Corp. of Kirkland illegally transferred $40,000 of such money to a casino in Nevada.
King Mortgage was ordered in March to stop writing loans because of problems with its trust account, and a cease and desist order was issued April 1 freezing the company's bank accounts and ordering its president, James Jenkins, to stay out of King Mortgage's offices.
Yesterday the state Department of Financial Institutions said its investigation revealed that King Mortgage had illegally transferred $40,000 from its trust account into its regular bank account and later wired that money to the Riverside Casino in Laughlin, Nev. |
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John Bley, director of the department, would not give any more details of what happened to that money, saying the investigation is continuing and could lead to criminal charges.
The department also said Jenkins, a convicted felon, continued to play a management role at King Mortgage in violation of an agreement between the company and the state.
About 80 home loans were in the pipeline at King Mortgage, and the state said the borrowers' loan applications were processed and funded through the intervention of a receiver appointed by King County Superior Court.
In March, the department also ordered Abbey Financial Corp., a national mortgage lender with offices in Seattle and Bellevue, to stop writing loans because it had insufficient money in its trust account. |
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Yesterday, Bley issued a stern warning to all mortgage brokers that the state will take a "zero tolerance" policy on misuse of loan-application fees. He said abuses will lead to revocation of mortgage licenses and could result in criminal charges.
Such deposits usually are required of borrowers in order to pay for third-party services such as credit reports and appraisals.
That money is "off limits" for meeting the cash-flow needs of mortgage companies, Bley said.
However, higher interest rates this year have led to a sharp slowdown in refinancing activity, and this has put a financial squeeze on some mortgage brokers.
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