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Florida Regulators Seize Lender

Order issued against Home Equity Mortgage

February 12, 2009

By MortgageDaily.com staff


An order has been issued against a Florida mortgage lender, its chairman and her two sons for allegedly illegally issuing mortgage securities.

The order was entered by a Miami-Dade County Circuit judge throwing Home Equity Mortgage Corp. into receivership, an announcement today from the Florida Office of Financial Regulation said. Attorney Michael I. Goldberg was named receiver.

The state explained that the receiver takes control of the company's operations in order to protect assets and customers under court order.

The order enjoins the Florida-based company and its president and chairman, Ana Maria Davide, from various specified activities. Also enjoined are Davide's two sons, Salvatore J. Davide and Anthony L. Davide.

The Florida regulator filed a complaint against the 35-year-old company alleging it had "sold unregistered securities in the form of fractionalized interests in mortgages, operated as an unregistered securities dealer, made misrepresentations to investors, and misapplied investors' monies in connection with the funding of residential and commercial mortgage loans," the announcement said.

Home Equity reportedly services $190 million in mostly residential mortgages.

Anthony Davide also operates sister company Certified Home Loans, which the company's Web site indicates has closed 40,000 mortgages.

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