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Defunct Internet Lender Settles With Creditors, Miami Herald Reports

Defunct Internet Lender Settles With Creditors, Miami Herald Reports

Florida-Based Company’s Insurer Agrees to Pay $130,000 in Claims Against Company Boss, According to Paper

July 30, 2003

By MortgageDaily.com staff

Creditors will receive $130,000 to settle claims brought against the former head of the now-defunct Mortgage.com, according to a story in the Miami Herald.

The Herald’s business section reported that the insurance company for the lending website has agreed to pay the fees as part of a settlement against Mortgage.com head Seth Werner.

According to the Herald, Mortgage.com had 776 employees at one time and fell apart towards the end of 2000.

More than $4.68 million in lawsuits against Werner and others associated with the Sunrise lending company have been filed, the Herald said. Of that settlement, $4.2 million will be paid by insurers and the remainder by some of the defendants, the Herald reported.

Lewis B. Freeman, a Miami forensic accountant representing Mortgage.com’s creditors, had been seeking $3 million from Werner, which will be foregone in lieu of the $130,000 settlement, according to the Herald.

“I can’t say I’m overjoyed with the settlement, but I’m glad to get it behind us,” Freeman told the Herald.

The defunct Sunrise no longer owns the domain name.

Currently, the mortgage.com domain name is held by ABN AMRO, which calls it the “online home for all customers whose mortgages are serviced by ABN AMRO Mortgage Group, Inc.”

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