Cutler named in defunct mortgage co. suit
Independent gubernatorial candidate Eliot Cutler has been named in a class action lawsuit for his role with New Mexico-based Thornburg Mortgage Inc., which collapsed last year.
Cutler served on the board of directors of Thornburg Mortgage, formerly the nation's second largest independent mortgage company, which declared bankruptcy and liquidated its assets, according to the Portland Press Herald. In 2008, a group of Thornburg's preferred shareholders filed a lawsuit against the company, its executives and board members, among others, claiming the company did not act in their best interests and misled them. The case, Roney Jr. v. Thornburg et al, is still active in U.S. District Court in New Mexico. The mortgage lender specialized in loans of more than $400,000, so-called "jumbo loans," to super prime borrowers with good credit before the firm fell victim to the financial meltdown.
The case came to public light when Cutler's campaign issued a media advisory last week after learning that an ad campaign in support of Democratic candidate Elizabeth Mitchell polled Maine voters about his involvement with the company. Cutler's campaign emphasized that all of the other lawsuits filed against Thornburg, its officers and the gubernatorial candidate have been dismissed, according to the paper.
Go to the article from the Portland Press Herald >>
Most Recent
Most Recent
Comments