LA County settles PACE loan lawsuits; affected homeowners to receive millions
Los Angeles County has agreed to a $12-million settlement to resolve allegations that its home improvement lending program wrecked the finances of many borrowers and left them vulnerable to foreclosure. The settlement, granted preliminary approval Monday by an L.A. County Superior Court judge, comes six years after some homeowners sued the county in twin suits alleging that local officials ...
by Andrew Khouri, Los Angeles Times
Mar 26, 2024
3 minutes
Los Angeles County has agreed to a $12-million settlement to resolve allegations that its home improvement lending program wrecked the finances of many borrowers and left them vulnerable to foreclosure.
The settlement, granted preliminary approval Monday by an L.A. County Superior Court judge, comes six years after some homeowners sued the county in twin suits alleging that local officials knew, or should have known, the program would harm vulnerable homeowners and then looked the other way as problems piled up.
The county did not admit wrongdoing as part of the settlement and continued to deny
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