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WHEREAS Consumer Home Mortgage Corporation of America ("Consumer Home Mortgage" or the "Corporation") with its main business office located at 60 McGrath Highway, Quincy, Massachusetts, has been advised of its right to Notice and Hearing pursuant to General Laws chapter 255E, section 7(a), and having waived those rights, entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER ("CONSENT AGREEMENT") with representatives of the Division of Banks ("Division") dated October 25, 2007 whereby, solely for the purpose of settling this matter, and without admitting any allegations or implications of fact or the existence of any violation of state or federal laws and regulations governing the conduct and operation of a mortgage lender and mortgage broker, Consumer Home Mortgage agrees to the issuance of this CONSENT ORDER ("ORDER") by the Commissioner of Banks ("Commissioner");
WHEREAS an informal conference was held on September 25, 2007 to discuss matters related to solicitations (the "solicitation(s)") received by Massachusetts consumers from Consumer Home Mortgage which reference the terms of the consumer's current mortgage loan, obtained from another lender identified as "subprime lender" in the solicitation. The solicitation also contains language that infers that the consumer must take prompt action in order to avoid the negative consequences associated with the risks of the current loan. A copy of the solicitation is attached as Exhibit 1.
WHEREAS during the informal conference, Brian Spillane, President of Consumer Home Mortgage stated that he understood the Division's concerns that the solicitation has the tendency or capacity to be misleading.
WHEREAS Mr. Spillane indicated that Consumer Home Mortgage will not distribute the same or similar solicitations in the future.
The Commissioner, therefore, accepts the CONSENT AGREEMENT and issues the following:
NOW COME the parties in the above-captioned matter, the Division and Consumer Home Mortgage, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 25th day of October, 2007.
By: Steven L. Antonakes
Commissioner of Banks