Firm that pushed ‘teaser rate’ loans settles suit
By The Associated Press
Published: November 1,2010
PHOENIX — A subsidiary of Charlotte-based Tree.com that advertised home loans with low initial “teaser rates” without disclosing their risks will pay $1.15 million to Arizona to settle a lawsuit. The state alleged that Irvine, Calif.-based mortgage company Home Loan Center Inc. advertised payment option mortgages to consumers from August 2004 through July 2007 and [...]
