The Justice Department is suing property management software company RealPage, claiming it schemed to monopolize the apartment market and fix prices. The Attorneys Generals of North Carolina, California, Colorado, Connecticut, Minnesota, Oregon, Tennessee, and Washington joined the DOJ in the suit. The DOJ says the company used its commercial revenue management software, which landlords use…
The Consumer Financial Protection Bureau and the U.S. Department of Justice are suing developer and lender Colony Ridge, alleging it targeted Hispanic borrowers with “bait-and-switch” land sales and predatory loans. The lawsuit claims Colony Ridge gave borrowers inaccurate information about homesites and coerced them into loans they could not afford, according to the CFPB’s press…
Home sale commissions are under investigation by the Biden administration, which has asked the Federal Trade Commission to adopt rules to address any unfair practices it sees in the real estate industry, the Wall Street Journal reports. The Justice Department is investigating commissions after several civil lawsuits challenging industry rules passed muster in procedural challenges….
Ronald J. McCord, the former president of First Mortgage Company of Oklahoma City, was indicted by a federal grand jury for bank fraud and money laundering as part of a scheme to defraud banks and pay for lavish homes for himself and his family, prosecutors announced. McCord, 69, of Oklahoma City, allegedly defrauded two Oklahoma…
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