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Web sites such as Mortgage Lender Implode-O-Meter and others are under attack from the companies they report on. The companies, often candidly reported on by Implode-O-Meter and others, have begun suing the web sites for defamation and other charges based on the reports issued at the mortgage blogs.
Mortgage Lender Implode-O-Meter is being sued by Loan Center of California for alleged business injuries caused by the reporting of the site:
The complaint is in response to an email posted on the Mortgage Lender Implode-O-Meter website on April 18th, 2007. LCC alleges that as a result of that posting, nearly $4 million of funding was withdrawn by Credit Suisse and Washington Mutual (along with a variety of other business injuries).
Implode-O-Meter’s response is as follows:
It seems clear to us that the intent here is to injure the Mortgage Lender Implode-O-Meter—perhaps even to “shut us down”. We believe we are without blame and at no fault in this incident. Fundamentally, the complaint involves business between third parties of which we had no specific knowledge, as our interest in running the web site is general. We are accordingly responding to LCC’s allegations with a motion to strike the suit under California’s “Anti-SLAPP” statute.
Other bloggers have faced similar pressure as well. Pamela Crowley, operator of www.mortgagefraudwatchlist.org was sued by eAppraiseIT for alledgely defaming the company in reporting dubious appraisal and property valuation tactics. Crowley won round one of the suit when a judge refused to issue a temporary injunction to keep Crowley from posting.
Housing Doom has a post on the activity as well, highlighting the dangers that lurk for those of us willing to shine the bright light of day on the mortgage industry. SLAPP lawsuits have the ability to shut down bloggers who have limited resources to fight frivolous law suits issued by corporations with deep pockets and in-house legal teams. Luckily for blogs like mine, California has an Anti-SLAPP law to protect smaller entities such as bloggers from this tactic.
I have to say that the thought of being sued has crossed my mind a time or two after some of my posts here at Blown Mortgage but no one ever said being a whistle-blower was easy. I’d rather have a clean conscience, help people avoid disastrous situations and companies and sleep well at night knowing some people are better off from reading my blog than worry about getting sued.
The world of mortgages is corrupt, there are terrible companies and people in this industry; terrible things occurred over the past few years. If people have a problem with myself and other blogs reporting on how it is than that is the burden we choose to accept.
If I get sued I know it is nothing more than an inconvenience; for what I report on is accurate and verifiable through other sources. Rest assured that Blown Mortgage is neither scared nor intimidated and we will be there at the forefront with stories and coverage to protect and inform our readers.
I have no problem with your site reporting accurate information. My company has also made your list; but to generalize and say that the world of mortgages is corrupt I do not feel is fair; and unfortunately becuase a company has landed on your site, anyone who reads the information on your site seamingly draws the conclusion that the company is corrupt. I assure you ACT Mortgage Capital is a good company comprised of great employees and a senior management staff committed to quality originations. You have reported that we are out of business when in fact we are not out of business–we are simply re-tooling and shifting attention to more marketable products. In the interest of fairness, I would hope information like this would also be published.
I do agree that many corrupt characters have contributed to this mortgage mess, but the names and positions are very high reaching. Unfortunately it seems the “little guy” [mortgage banker] is the one taking it on the chin right now–this is unfortunate as many good companies have been forced out of business and many good employees have lost their jobs. The market will return eventually–let’s just hope some lessons have been learned. I certainly will admit that I have learned some very valuable lessons.
I am available for further comment should you wish to contact me.
Nelson Haws
Chief Executive Officer
ACT Mortgage Capital
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