Department of Banking and Finance’s Order to Cease and Desist to Roosevelt Mortgage Acquisition Company Becomes Final

Atlanta, GA – January 20, 2010 – (RealEstateRama) — On January 19, 2010, an Order to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”) to Roosevelt Mortgage Acquisition Company, located at 1540 Broadway, Suite 1606, New York, New York 10036, became final.This Order to Cease and Desist was issued by the Department after it obtained evidence that Roosevelt Mortgage Acquisition Company engaged in residential mortgage lending activities without a license or under an applicable exemption.

Pursuant to Georgia law, it is prohibited for any person to directly or indirectly make, originate, underwrite, purchase, or service mortgage loans without a mortgage license or pursuant to an exemption from licensure.

Contact:
Rod Carnes
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371
E-mail:   ">

The Department has regulatory and/or licensing authority over state-chartered banks, credit unions, trust companies, mortgage loan originators, mortgage brokers, mortgage lenders, mortgage processors, check cashers, sale of check companies, money transmitters, international banking organizations, and bank holding companies conducting business in Georgia.  Visit us on the Web at: http://dbf.georgia.gov/