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First Mortgage Co., McCord Must Pay $31M, Judge Rules

Oklahoma City-based mortgage company First Mortgage Co. and owner Ron McCord must pay warehouse lender CapLoc $31 million plus interest, a Manhattan federal judge has ruled. So reports NEXT Mortgage News.

law 1898974 640smallMcCord, an ex-chair of the Mortgage Bankers Association, was sentenced to prison in November 2021 on fraud charges.

U.S. District Court Judge Jed Rakoff’s order follows notification that the parties have settled a court case, dating to 2017, that involved claims of fraud and breach of contract.

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