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August 1, 2014

$100M for firm with no offices, 1 agent?

  • The deals involve insurance protecting mortgage investors and illustrate how regulators are still wrestling with messy banking practices years after the housing collapse.
    Associated Press

    WASHINGTON — Companies overseeing millions of mortgage loans appear to be skirting new federal regulations and legal settlements intended to stop them profiteering at the expense of troubled homeowners.

    They are selling or have sold nearly nonexistent insurance agencies — in some cases with no offices, no websites and only a single registered agent — in multi-million dollar deals, as new rules prohibit them from collecting commissions on insurance they force homeowners to buy.

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