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In the Matter of
SOUTHSTAR FUNDING, LLC
Mortgage Lender License No. ML2251
The Commissioner of Banks ("Commissioner") having determined that SOUTHSTAR FUNDING, LLC., ("SouthStar Funding" or the "Company"), located at 400 Northridge Road, Suite 1000, Atlanta, Georgia 30350 has engaged in, or is engaging in, or is about to engage in, acts or practices constituting violations of Massachusetts General Laws chapter 255E and applicable regulations found at 209 CMR 42.00 et seq., hereby issues the following FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST ("TEMPORARY ORDER") pursuant to General Laws chapter 255E, section 7(b).
SouthStar Funding, LLC sincerely regrets that it was necessary to cease its mortgage lending operations. The recent unprecedented downturn and policy changes in the mortgage industry necessitated this action.
After taking into consideration the FINDINGS OF FACT and CONCLUSIONS OF LAW stated herein, it is hereby:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 3rd day of April, 2007.
By: Steven L. Antonakes
Commissioner of Banks