Colorado homeowners w/ alternative lending of colorado

[mimirayo]

Mortgage and Real Estate Fraud - Mortgage Fraud News
This is a link for anone who used Alternative Lending of Colorado. You can get information as to how to get restitution or resolution from this site

PRESS RELEASE

Colorado Department of Law
Attorney General John W. Suthers

FOR IMMEDIATE RELEASE

Oct. 27, 2009

CONTACT

Mike Saccone, Communications Director
303-866-5632

A

TTORNEY GENERAL ANNOUNCES LAWSUIT AGAINST COLORADO SPRINGS
MORTGAGE COMPANY ENGAGED IN DECEPTIVE TRADE PRACTICES

DENVER — Colorado Attorney General John Suthers announced today that his office’s Consumer
Protection Unit has filed a complaint against Alternative Lending of Colorado, a Colorado Springs-based
company, and its managing general partner, James W. Dale III (DOB: 4/4/1945), and top loan originator,
April A. Bigler (DOB: 10/15/1980), both of Pueblo West.
According to the complaint, filed in Fremont County District Court, Bigler regularly engaged in deceptive
trade practices, including misrepresenting loans’ interest rates, quoting monthly mortgage payments to
consumers that did not include taxes and insurance costs, and delaying closings to pressure consumers
into signing a mortgage. The complaint also alleges that Bigler worked with appraisers to over-value
homes, resulting in borrowers owing more on their homes than they were worth; failed to attend closings,
which did not allow borrowers to ask questions about the terms of their loans; inflated borrowers’
incomes on their mortgage applications; and failed to provide timely, accurate or complete disclosures to
borrowers.
As a result of the deceptive trade practices alleged in the complaint, nearly 44 percent of borrowers for
whom Bigler originated a mortgage loan experienced some type of foreclosure action. Dale is alleged to
have known about Bigler’s misconduct and not taken any disciplinary action.
The Office of the Attorney General began investigating Bigler and Alternative Lending of Colorado after
receiving more than 15 complaints about the alleged misconduct, which took place between 2004 and
2008. The majority of the borrowers for whom Bigler originated mortgage loans live in Cañon City.
As part of its lawsuit, the Office of the Attorney General is seeking restitution for the victims of
Alternative Lending’s business practices, civil penalties, disgorgement of unjust proceeds, and an

injunction, barring the defendants from engaging in false and deceptive lending practices

[Evan Bedard]

Thank you very much Mimirayo for sharing this information.

[mimirayo]

You're welcome.In the link they describe how they are being made to reimburse they people affected. When you see that someone is being held accountable it's amazing. I keep an eye out for these things...but it's not mine yet.

[Evan Bedard]

Yes this is great news it looks like the Attorney Generals are starting to crack down on predatory lending companies. I wonder when they will crack down on larger banks like Citi,BofA,Wells Fargo, and Chase...