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Minn. Attorney General Sues Mortgage Broker

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Aug 14, 2008 3:34 pm US/Central

Minn. Attorney General Sues Mortgage Broker

ST. PAUL (AP) ― Attorney General Lori Swanson is going after a Plymouth, Minn.-based mortgage lender she blames for contributing to the housing crisis.
  
Swanson has filed a lawsuit against Source Lending Corp. in Hennepin County District Court.
  
Her lawsuit alleges that the lender promised consumers favorable loan terms such as low interest rates and cash at closing, but switched at the last minute.
  
Swanson says some homeowners ended up with interest-only mortgages or escalating adjustable rates when they thought they were getting fixed interest rates.
  
She says the practices are "the very type of abuses that created the mortgage lending crisis."
  
Source Lending did not immediately return a phone message from The Associated Press.


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