Attorney General reaches settlement with loan modification firm

Page Last Updated: Friday February 5, 2010 2:36pm PST

A loan modification firm has agreed to pay a $5,000 fine and refund fees to homeowners whose loans were not completed under a settlement announced by the Nevada attorney general's office.

Attorney General Catherine Cortez Masto says Focus 2000 Financial Corp. wasn't properly licensed in the state when it took payment for services before loan modifications were completed.

The attorney general's office says the company's action violated the state's deceptive trade law.

Under the settlement, Masto says the firm also agreed to provide documentation showing refunds were paid and to refrain from loan modification or credit repair activities in Nevada without proper licenses and permits.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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