Federal judge takes OPFM suit
Revises deal for homeowners who allege mortgage broker fraud
By PATRICK BURNS, Staff
Intelligencer Journal
Published: Oct 25, 2007 2:17 AM EST
LANCASTER COUNTY, Pa. - Some homeowners who owe much more than they thought they did due to alleged mortgage broker fraud by OPFM Inc. lost one form of temporary relief Wednesday but gained another....
local.lancasteronline.com
...Defendants in the suit include big-name financiers such as Wells Fargo, GMAC, Countrywide, Citicorp, HSBC, Chase Home, Wachovia and Sovereign Bank....
...About 300 Lancaster County homeowners saw their monthly mortgage bills jump as much as 50 percent when OPFM collapsed.
Some were upset at how easily the case was moved out of the area where OPFM president Wesley A. Snyder operated his businesses.
Five agencies — the postal inspectors, the Pennsylvania Securities Commission, the state Department of Banking, the state attorney general's office and the U.S. Attorney's office — are investigating Snyder's businesses.
A federal judge last week froze Snyder's assets. U.S. District Judge and prosecutors suspect Snyder of defrauding 800 customers, including nearly 300 from Lancaster County, out of millions of dollars....
Federal judge takes homeowners class-action suit
From Patriot-News staff reports, 10/25/07 10:30 AM EDT
UPDATED: 10/25/07 11:08 AM EDT
A class-action suit involving more than 800 homeowners with in mortgage-debt problems caused by mortgage broker OPFM Inc. has been moved to the jurisdiction of U.S. District Judge James T. Giles in Philadelphia.
However that same judge tossed out a temporary injunction that had protected them, according to the Lancaster Intelligencer Journal.
Customers are to pay 75 percent of the higher mortgage payments, or the original payment, whichever is higher. Also if payments are made, no foreclosures will be made.
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