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Hall Financial Services

Charlotte, NC: (Aug-02-07) The NC Commissioner of Banks and the Attorney General's Office brought charges against James Hall, a mortgage broker based in Matthews. The lawsuit alleged that Hall originated loans for borrowers without considering whether or not the borrower would be able to repay the loans, and with frequent misstatements in loan documents. The suit further stated that Hall, owner of Hall Financial Services, placed second mortgages on customers' homes without informing them until closing. According to the banking commissioner's office, more than 40% of Hall Financial's loans written over three years have gone into foreclosure.

In a settlement reached with regulators, Hall will be required to sell his home and pay most of the proceeds into a settlement fund that state officials are creating. The fund of between $150,000 and $250,000 will be used to reimburse Hall's customers. As part of the agreement, Hall will also have his broker and loan officer licenses permanently revoked. [CHARLOTTE BUSINESS JOURNAL: MORTGAGE FORECLOSURES]

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