East Meadow mortgage bank to close

Full story: Newsday 9
Southern Star Mortgage, a 9-year-old mortgage bank based in East Meadow, is shuttering its business, according to an e-mail sent to employees on Friday. Full Story
90 merrick

Jamaica, NY

#1 Dec 12, 2007
In 2006, Shusterhoff was barred from the consumer mortgage business for 2.5 years and Southern Star was ordered to pay a $400,000 fine by the state Banking Department, which said the company did not adequately disclose loan terms to consumers. The state also found numerous discrepancies in the company's records.

Couldn't have happened to a nicer guy.
xmas

Amityville, NY

#2 Dec 13, 2007
90 merrick wrote:
In 2006, Shusterhoff was barred from the consumer mortgage business for 2.5 years and Southern Star was ordered to pay a $400,000 fine by the state Banking Department, which said the company did not adequately disclose loan terms to consumers. The state also found numerous discrepancies in the company's records.
Couldn't have happened to a nicer guy.
True, but still feel bad for the employees, like the poor lady that answers the phones, or the processors and the accounting people, all they wanted was to get paid and take care of their families, no good comes out of these companies closing, doesnt help the economy on the Island very much.
mortgaged my soul

Hampton Bays, NY

#3 Dec 13, 2007
great. even MORE competition now in trying to find a job in the industry.
Past employee

Cos Cob, CT

#4 Dec 13, 2007
You are both correct, Gary finally got what was coming to him, and yes, i feel bad for the "little" people who work there, but they also knew it was coming, Gary did not hide what he was doing. In fact he was very arrogant about it. Thought it was funny, taking advantage of innocent people, that is why I got out, and I never looked back.
Spare Me

United States

#5 Dec 13, 2007
Terrible company. I did one closing there and told my client to walk the heck out they are shady, shady, shady. Luckily, the client listened and didn't take their crap loan. That was YEARS ago. I'm surprised it took this long.
tootooloo

Meriden, CT

#6 Dec 13, 2007
Oh, the irony...
Since they couldn't do fraud, their pipelines dried up, and they simply had to close...ha ha...
"come on board, stay on top"...
Happy Hanukkah GARY

Bridgewater, NJ

#7 Dec 13, 2007
Its about time! They had it coming. Let me tell you something about the company. They deserved everything thatís happening to them all they did is screw people from not funding loans on time, making borrowers wait days after the recession to receive their funds, breaking jaws of employees and Raping their employees for every penny that they can squeeze out of them. They are one of the reason that the mortgage industry has a bad name today all they did is break the rules from not paying their employees to hiring Felons to use high pressure sales tactics to close loans Changing documents everything that you can think of they did it. You shouldnít feel bad for the company everyone inside knew what was going on and continued to work their and thatís why they have the problems that they encounter today. so I say that it couldnít of happened to a better company! It should of happen sooner !
Had enough

Cresskill, NJ

#8 Dec 13, 2007
mortgaged my soul wrote:
great. even MORE competition now in trying to find a job in the industry.
Like so many others through out history, when the industry you are in dries up, you educate yourself and move on to something else.

This is what all the Defense workers had to do in the late 80's and 90's.

Nothing lasts forever..
Another Past Originator

Van Nuys, CA

#9 Feb 19, 2008
Having been a loan originator myself for 10 years, I had never seen a more unethical company. Believe me, that is saying something in the mortgage business.

Gary Shusterhoff would make even the most slimey car salesman feel dirty.

I joined because they promised the world and the ability to work from a remote location. They then proceeded to break every agreement and subjected my clients to hell on every single closing. I got out fast but am owed tens of thousands of dollars because they didn't pay as agreed.

Burn in hell, Gary!

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