Connecticut Banking Commissioner Howard Pitkin Issues Temporary Order to Cease and Desist to American Home Mortgage
Connecticut State Banking Commissioner Howard F. Pitkin issued a Temporary Cease and Desist Order and Summary Suspension Against American Home Mortgage Corp. of New York (“Americanâ€) and two of its affiliates today. The action is the result of an on-going investigation of American for possible violations of Connecticut’s mortgage banking laws. Upon receipt of the order, American is required to cease and desist from failing to timely fund loans, failing to perform agreements with borrowers, failing to cooperate with the Department and from making material misstatements. American and its affiliates are also placed on notice that a maximum fine of $1,000,000 could be levied by the Department.
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