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Suthers Reaches Settlement With Mortgage Companies

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Jan 11, 2009 3:45 pm US/Mountain

Suthers Reaches Settlement With Mortgage Companies

DENVER (AP) ―

Click to enlarge 1 of 1: Colorado Attorney General John Suthers (File)
CBS4

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Two companies collecting money to help homeowners avoid foreclosure have reached agreements with Colorado Attorney General John Suthers, while a third agreed to stop advertising low teaser rates.

Suthers announced Sunday that Castle Rock-based Hawk Financial Services agreed to pay $26,500 in fees unlawfully collected from 31 customers before performing any service. Suthers also collected $10,000 in penalties, costs and attorneys' fees.

Infinity Funding Group of Bohemia, N.Y., agreed to refund a $3,500 payment collected up front from one customer.

Suthers said Colorado Executive Mortgage of Centennial agreed to stop advertising low, one-month teaser rates associated with adjustable rate mortgages that appeared were fixed for five years. The agreement also prohibits the company from burying the material in the advertisement's fine print.

Phone numbers listed for both Colorado companies were not working Sunday, while Infinity's offices were closed.