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Market Lending modify number 4: Litigation Mounts to New Highs in Colorado – Securitizations under Attack

Market Lending modify number 4: Litigation Mounts to New Highs in Colorado – Securitizations under Attack

The Administrator regarding the Colorado Uniform credit rating Code (the “Administrator”) took Colorado’s longstanding litigation against market loan providers Avant and Marlette up to a brand new level, including as defendants particular securitization trusts which had obtained Avant or Marlette loans. By threatening the purchasers of market loans, the Administrator is escalating the stress on Avant and Marlette – and indirectly the stress on other market lenders that stretch credit to Colorado customers.

Background

The Administrator sued Avant and Marlette in separate actions, alleging that they made loans to Colorado consumers and charged interest rates above the maximum rate allowed by the Colorado Uniform Consumer Credit Code (“UCCC”) as discussed in our prior Clients & Friends Memos (see Marketplace Lending Update #1: Who’s My Lender? Weiterlesen