Entries Tagged as 'Interstate Land Sales'

HUD Settles Claims Under Interstate Land Sales Act

The Department of Housing and Urban Development has posted a new settlement agreement entered into between HUD and an Arizona developer for alleged violations of the Interstate Land Sales Act.

This ILSA settlement is the third this year.  There was only one settlement per year posted during the period 2005-2007. 

Under the terms of the settlement, the developer agreed to pay the government $45,000, and also to send offers of rescission to all persons who purchased lots from the developer.  The offer must include a full refund of all monies paid in connection with the purchase in exchange for a return of the deed.

The last lot sold in this matter was in 2005.  Recent Arizona market conditions could make this remedy particularly unappealing for the developer.

For a copy of the settlement, please click here.

Tags: Consumer Protection, Fraud, HUD & FHA, Interstate Land Sales, Regulations, Unfair or Deceptive Acts by the Editor
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HUD Enters Interstate Land Sales Act Settlement

The Department of Housing and Urban Development has posted a new settlement agreement entered into between HUD and a developer for alleged violations of the Interstate Land Sales Act.

As of this writing, HUD had not issued a press release regarding the settlement. 

This ILSA settlement is the second posted for 2008.  It follows one settlement per year posted for 2005-2007. 

For a copy of the settlement, please click here.

Tags: Consumer Protection, Fraud, HUD & FHA, Interstate Land Sales, Mortgage Banking - General, Regulations, Unfair or Deceptive Acts by the Editor
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HUD Posts Interstate Land Sales Act Settlement

The Department of Housing and Urban Development has posted a new settlement agreement entered into between HUD and a developer for alleged violations of the Interstate Land Sales Act.

As of this writing, HUD had not issued a press release regarding the settlement.  HUD also appears to have inadvertently posted the agreement under RESPA instead of the ILSA.

This ILSA settlement is the first posted for 2008.  It follows one settlement per year posted for 2005-2007. 

For a copy of the settlement, please click here.

 

Tags: Consumer Protection, HUD & FHA, Interstate Land Sales, Mortgage Banking - General, Regulations by the Editor
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