Friday, April 27, 2007

Irvine's Own Dana Capital Group Facing Legal Smackdown

Orange County's own Dana Capital Group, one of the country's largest mortgage lenders, has been issued a cease and desist order from New Jersey's State Banking and Insurance Commissioner, Mr. Steven Goldman, prohibiting the financial lender from using unlicensed facilities, taking mortgage applications from unlicensed sales people, and charging inappropriate fees.

Rumour from the mortgage grapevine has it that regional Dana mortgage brokers who sent funded files into Dana Capital in the last several months have not been paid their commission, or are being paid only in trickles as the beleagured company tries to re-organizes itself.

Yes, there appear to be a considerable number of unhappy (read: fed up) Dana Capital brokers out there!

7 comments:

Morgan said...

Dana Capital is terrible and should be the poster child for industry shadiness.

Anonymous said...

Dana Capital is the poster child of shady lenders. Argent stopped doing business with them two years ago. Hello Argent, they let monkeys do biz with them. Seriously these guys are the worst and should be in jail. Wait with the underwriting standards of today they should be done soon.

shtove said...

Good blog. But there are a lot of good blogs likes this.

Maybe you should do a weekly post showing how the bust is affecting those around you - family, friends, neighbours ... enemies! Add a personal element, rather than just have well-informed, sardonic pieces on the country-wide bust.

Anyway, keep on foreclosing on the morally bankrupt!

Anonymous said...

Economist Lereah to leave NAR, join Move Inc. next month

Dr Housing Bubble said...

Dana Capital is a boiler room operation. Absolute shady business practices of refinancing folks into higher adjustable mortgages; heard of many cases of people on fixed 30 year loans at 6% being launched into negative amortization loans. Hard sell on the monthly nut. Massive points.

Just another loser getting caught up in the sub-prime implosion. Things change on a dime when the money is no longer coming to you.

Good blog and keep writing.

Doctor Housing Bubble

Anonymous said...

Dana is a very bad bad bad man. Very bad man. Bad, bad, bad bad man!

Titus & Fritz

TINA said...

I worked for Dana well over a decade ago when he was holed up above a Mexican Meat Market in El Toro, CA.

He was a scumbag then, and he is a scumbag today. He has been ripping off his employees, his "brokerage" houses, and his clients most of all for as long as he has been in business. He has had almost as many real estate licenses as he has had wives.

The whole place was a scam but he was always under the radar and always able to escape.

I hope someone nails that sicko.