Connecticut Banking Commissioner Howard Pitkin Issues a Temporary
Order to Cease and Desist To Mortgage Lenders Network
January 19, 2007
Connecticut State Banking Commissioner Howard F. Pitkin issued a Temporary Order to Cease and Desist to Mortgage Lenders Network USA, Inc. (MLN) today. The action is the result of an on-going investigation into the possible violations of the Connecticut General Statutes by MLN. Upon receiving this order, the company is required to cease and desist all actions which violate the Connecticut General Statues and is placed on notice that a fine up to $100,000 per violation could be levied.
“This order comes after days of negotiation between eight states and the company in an attempt to have MLN fund as many outstanding loans as possible.” Commissioner Pitkin stated. “My primary responsibility is the protection of the citizens of Connecticut, therefore; time was given to the company to complete a deal to fund the loans. As a result, nearly 400 of the outstanding loans were funded nationally.”
This order was a coordinated effort between all the New England states, New York, Pennsylvania and Michigan. Please find the attachment containing the complete order.