Apex Mortgage Services Case Summary

251 Words1 Page
bulb-icon

Recommended: Ethics for business owners

16-9. Sutton is ethically responsible for his own predicaments. This is because he knew what he was getting himself into when he decided to change his type of mortgage plan. Sutton decided cannot later claim that he did not understand the terms and conditions of the agreement. Sutton had the full length duty of reading the agreement. This is because he is the one who stood to gain or lose from the contents of the agreement. Apex Mortgage Services would only be liable if they knowingly led Sutton to signing the agreement knowing that he would pay more than he was paying. What is known as fraudulent misrepresentation. The lender had responsibility to inspect the activities of the broker. This is because the broker is under the lender and the

Show More
Related

  • Hilton Vs. Gray: Supreme Court, Brisbane, Trial Division

    905 Words  | 2 Pages

    The failure to talk to the justice of the peace is not evidence of fraud; see Young v Hoger [2001] QCA 453 at [26]. The other conduct by the agents did not amount to fraud either as a result the court finds in favor of the plaintiff thus requiring Mr Gray to pay the mortgage and pursue legal action against SHELLA LONERGAN in pursuit of recovery of funds, as Fraud must be shown to have been practised against the person who seek relief who in this case is Mr

    Read More

  • Pros And Cons Of Predatory Lending

    898 Words  | 2 Pages

    ...ancial positions of the borrowers, their lack of knowledge as well as the superior bargaining power of the lender to get the borrowers to agree to these loans. The lenders should bear the major responsibility of these loans, as they are aware of the ramifications of such transactions. The borrowers are also responsible, as they should not enter into contracts without adequately understanding the consequences of such actions. In many cases, the lenders do not provide the information that would assist the borrower in making rational decisions. There are instances when the borrower does not care about the increased penalties, they just want to get their hands on the money, and worry about the consequences later. Some borrowers just live beyond their means but once they get sucked into a predatory loan, they begin a cycle of debt that they just cannot get out of.

    Read More

  • Faha 203k Mortgage Case Study

    1761 Words  | 4 Pages

    The FHA 203k is a sister product to the FHA loan. While the FHA loan is used to buy or refinance a home, the 203k product is used to buy an existing property and also make repairs and improvements to the property. This loan basically allows the homebuyer to borrow more money than the asking price and use the extra funds for the work on the home.

    Read More

  • Target V Redferns Essay

    1916 Words  | 4 Pages

    Lord Browne-Wilkinson’s judgment in this case is one of much controversy that we will analyse in this essay. The principle laid down by Lord Browne-Wilkinson for the need for causative links between the breach of trust and the loss suffered was then applied in AIB Group (UK) Plc v Mark Redler & Co Solicitors where the solicitor had similarly breached the trust. Pro-Target Target had given a sum of money to Redfern (solicitors) to hold on bare trust until Crowngate had completed the purchase of a property and executed the mortgage. However, Redfern had instead, breached the trust and gave the money to another company, Mirage, by writing to Target to falsely inform them that the purchase had gone through and the mortgage had been executed.

    Read More

  • Mers Case Study

    1424 Words  | 3 Pages

    Bill Beckman, the president of MersCorp should close down the business and hand or over to HUD or the FHA. These government officials would be able to overlook, the misguided use of Mers and turn it into a more suitable business that handles the use of mortgages. Consumers are affected by Mers when they can are in default and when they face foreclosure. Mers wasn’t a legit interest holder in a homeowner or investors real property so, courts could not foreclose on the house. Consumers were in a mist when they wanted answers to their questions about their mortgage. Mers is just a scam, that anyone who pay taxes should look out

    Read More

  • Pros and Cons of Criminal Charges on JP Morgan

    1342 Words  | 3 Pages

    After the time of financial crisis, JP Morgan was not the only national bank in US which got involved in trade of toxic loans related to mortgage. Before JP Morgan, it was Goldman Sachs-another large US Bank that faced the allegation of manipulating the trades in its own self interes, ended up in favor of SEC while GoldMan Sachs were asked to pay $500 Million during late 2011 in a deal called Abascus 2007-AC1 where the bank were alleged to mislead its investors on a deal related to Collateral Debt Obligation(CDO). (Eaglesham, 2011) The ab...

    Read More

  • Case Analysis: Chesapeake Bank

    2678 Words  | 6 Pages

    The organization selected for analysis in the semester long human resource management project is Chesapeake Bank (Chesapeake financial services & subsidiaries). The bank currently employs 180 people in various positions senior management to non-management positions. Chesapeake Bank offers a variety of financial services from basic personal checking to business loans. The 11 bank branches are located in the northern neck and middle peninsula of the Chesapeake Bay area while the main office is located in Kilmarnock, VA.

    Read More

  • Lender Liability and the Duty of Good Faith

    7267 Words  | 15 Pages

    From time to time, lenders and their attorneys announce that lender liability is no longer an issue with which the lending community needs to be concerned. What usually prompts this proclamation of the death of lender liability is a recent case in which a court has summarily rejected a borrower’s claim that the lender violated the duty of good faith and fair dealing. Many courts have rejected borrowers’ lawsuits which are based on allegations of the violation of the lender’s duty of good faith. Nevertheless, lender liability should continue to be an area of concern to lenders.

    Read More

  • The Foreclosure Crisis: Human Greed, Entitlement, and Deception

    2099 Words  | 5 Pages

    First, the causes of the foreclosure crisis must be examined. I don’t think that the causes are all that complicated. In the end, the cause is twofold: First, people were buying houses they couldn’t afford, and banks were lending money to these people. Second, banks were engaging in unscrupulous lending practices. They were charging people money that these people neither were expecting to pay nor were able to pay. They were advertising one interest rate and actually putting another in the contract. I’m not sure what the law says about this last bit, but that sounds a lot like ‘fraud’ to me. If my reader disagrees, then I ask him to imagine the following:

    Read More

  • Greediness of Mortgage Lenders

    666 Words  | 2 Pages

    Mortgage loans are a substantial form of revenue for the financial industry. Mortgage loans generate billions of dollars in the financial industry. It is no secret that companies have the ability to make a lot of money by offering a variety of mortgage loan products. The problem was not mortgage loans but that mortgage companies were using unethical behavior to get consumer mortgage loans approved. Unfortunately, the Countrywide Financial case was not an isolated case. Many top name mortgage companies have been guilty of unethical behavior. Just as the American housing market was starting to recover from its worst battering since the Great Depression, a new scandal, an epidemic of flawed or fraudulent mortgage documents, threatens to send not just the housing market but the entire economy back into a tailspin (Nation, 2010).

    Read More

  • Claimant Case Summary

    414 Words  | 1 Pages

    The claimant is a 6 year-old, Armenian female who arrived on time for her evaluation with the mother.

    Read More

  • Wells Fargo Case Summary

    516 Words  | 2 Pages

    Marco “Marlo Kaitlin,” a former Wells Fargo employee, claims she was harassed and mocked to the point that brought her near to suicide. Her lawsuit against Wells Fargo was filed with Los Angeles Superior Court last July 14th. She alleged wrongful termination, discrimination, harassment, hostile work environment, retaliation, and intentional and negligent infliction of emotional distress on the part of Wells Fargo. She claims it all started with her decision to transition from a man to a woman.

    Read More

  • Ethical Issues In The Big Short Movie

    1581 Words  | 4 Pages

    Individuals like the two young and rambunctious mortgage consultants portrayed in the film gave loans to anyone and everyone that could sign the paper, regardless of the recipient’s ability to pay the loan in full. It is doubtful that all consultants fully understood the ramifications of their actions, but undoubtedly the overall disregard for consequence was the start of the collapse. Mortgage consultants mislead and tricked people into loans they could never afford by playing on their desire to live the American dream. Distributing adjustable rate loans to individuals without jobs, without collateral is unconscionable. Unfortunately, from their perspective they were helping these individuals. In a twisted way, these consultants were acting ethically from a utilitarian point of view. The consultants won because they received utility in the form of a bonus for distributing the loans, and the loanee won because they could now afford the home of their dreams. What the consultants didn’t consider in their calculations were the long term results and utility of their actions, unethically building the flawed foundation of the housing

    Read More

  • Unconscionable Contract

    360 Words  | 1 Pages

    There are many Ohio Revised Codes that govern different aspects of unconscionable contracts. Some are as general as ORC 1302.15 that explains that a court can void a contract if it finds it to be unconscionable, or it is able to void only the parts it finds to be unconscionable (LAWriter, ORC 1302.15). There are more detailed Codes that address certain types of businesses and what is considered unconscionable in their specific trade. An example is the ORC 1345.031 that has to do with providing a residential mortgage. It dictates what the supplier of the mortgage cannot do with regard to a consumer that is attempting to acquire or already acquired loan on a residential mortgage (LAWriter, ORC 1345.031).

    Read More

  • Reverse Mortgage Essay

    507 Words  | 2 Pages

    Are you getting worried that your retirement funds are getting too thin? A financial planner can help you to understand how a reverse mortgage can supplement your retirements savings. Naturally, according to research, financial experts have stated that the current retirement saving profile will not provide enough money to most people approaching the retirement age. For instance, only 5% of people at the age 55-65 have met the saving targets in their retirement account balances. Therefore, the retirees and their financial planners should seek other means to enhance their retirement planning.

    Read More

More about Apex Mortgage Services Case Summary

Open Document