Mortgage Loans : CashCall Shut Down

9/10/2013

CashCall Shut Down

Birdhouse

CashCall, South Dakota-based Western Sky, an affiliated company and their owners have closed operations.

New York Attorney General Eric Schneiderman announced a lawsuit Monday against multiple related lending companies and their principals for allegedly violating state usury and licensed lender laws related to internet lending. Western Sky Financial LLC, CashCall was charging rates of 89% to 343%

Georgia Attorney General Sam Olens filed a lawsuit Monday against Western Sky Financial LLC, Martin Webb, the company’s owner and operator, and CashCall Inc. for allegedly violating the Pay Day Lending Act.

Minnesota Attorney General Lori Swanson and Commerce Commissioner Mike Rothman filed a lawsuit Thursday against a California Internet lender that allegedly charged Minnesotans interest rates of up to 342 percent. CashCall Inc.

Western Sky the parent company states they have suspended operations.

What will happen to all those annoying advertisements?

"Don’t be a dummy save the money."

Rumor has it The new Consumer Finance Czar Richard Cordray is digging in the story.

What will happen to borrowers who got stuck?

What company will pick up the servicing of the accounts?

Will Cash call file bankruptcy and turn this into a circus?

WESTERN SKY FINANCIAL is owned wholly by an individual Tribal Member of the Cheyenne River Sioux Tribe and is not owned or operated by the Cheyenne River Sioux Tribe or any of its political subdivisions. Cashcall shut down may be good news for homeowners and small individuals. Cashcall Inc. mortgage division laid off more than 1000 employees 9/10/2013

(Don't blame the tribe for the rip- off)