Mortgage Company Suspends Operations Central States Action Stuns Employees, Regulators
The Milwaukee Journal Sentinel › March 18, 2009
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Summary
In a move that shocked customers, employees and state regulators, beleaguered Wauwatosa mortgage lending giant Central States Mortgage Co. has suddenly closed its doors.
The move Monday, which the mortgage broker described as a suspension of operations, comes days after an Illinois credit union demanded payment of a $33 million loan this week, according to a statement by Stephen Kravit, attorney for Richard Jungen, the Central States founder who along with his wife owns about 14% of the company.See the full content of this document
Extract
Mortgage Company Suspends Operations Central States Action Stuns Employees, Regulators
In addition to the mortgage crisis impacting all lenders, Central States also is engaged in a bitter legal fight with Jungen, who was ousted last summer. On top of that, both Central States and a second firm created and partially owned by Jungen are key figures in an ongoing FBI investi...
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