Volume 2014 - Number 13
April 3, 2014
MBS Due-Diligence Firm Goes Bust, Leaving Behind an Ugly Tale of Double Representation
Allonhill LLC, a Denver-based due-diligence firm that served both Wall Street and primary market lenders, recently filed for bankruptcy protection, just days after losing a civil case where it was found liable for breach of contract and fraud, and ordered to pay its former client, Aurora Bank FSB, more than $25 million in damages. Last year, Allonhill’s owners – including principal Sue Allon – sold most of the firm’s assets to Stewart Title. From a legal standpoint, it was not a “franchise” deal, which means Stewart should not be on the hook for any actions of the corporate entity. However, the case may be...
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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.
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