After 18 months, they got nothing

After an 18-month investigation, the Securities and Exchange Commission will not issue any penalties or pursue any enforcement action against Carrington Capital Management, the company announced Wednesday.

Carrington was under SEC investigation for, among other items, its acquisition of failed subprime lender New Century Financial. The investigation dealt with how Carrington financed the $188 million deal, which relied in part on the firm issuing preferred securities to Carrington Investment Partners, LP, a fund managed by Carrington Capital Management.

The investigation also delved into the valuation of those preferred securities, which were used to finance the acquisition and operation of New Century’s mortgage servicing platform.

Read on.

That’s right.  Mary beat the bank.  Again.

In an appeal, U.S. Bank tried to get out of paying Mary McCulley the $6 million a Montana jury awarded her back in 2014.  Yesterday, the Supreme Court of Montana decided against U.S. Bank—they’re going to owe McCulley the $6 million, plus interest from the earliest possible date they could owe it, not the later one that had been bandied about.

Here is the Court’s own synopsis:

Mary McCulley bought a condominium in Bozeman and sought a 30-year, residential loan for $300,000 from Heritage Bank, which later merged with U.S. Bank. She later sued the Bank, alleging the Bank defrauded her by instead issuing an 18-month, $300,000 commercial loan, and failing to notify her of the change. When McCulley could not obtain refinancing and the condominium went into foreclosure, she attempted suicide. The jury found that the Bank defrauded McCulley and…