On October 12, 2007, a group of Florida homeowners filed suit against Safe Harbour Foundation, Silverstone Lending, and several other defendants, alleging that they ran a foreclosure rescue scam designed to steal their homes and their home equity through fraudulent lending, illegal and usurious interest rates, and illegal kickbacks.
The homeowners are represented by attorney Michael Alex Wasylik, who filed the suit in the U.S. District court in Tampa yesterday. According to the St. Petersburg Times article:
The suit accuses Porcelli and his associates of engaging in racketeering by making false promises through the mail in order to obtain borrowers’ homes through fraud. The suit alleges that Porcelli and others arranged bailout loans with usurious rates as high as 500 percent, violated truth-in-lending laws and charged illegal brokerage or servicing fees. The plaintiffs seek millions in actual and punitive damages, an injunction declaring usurious loan deals unenforceable and an order restoring ownership of homes to the original owners.
Florida and federal law enforcement officials are also reviewing the matter to see if any criminal laws have been violated.
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