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September 04, 2008 at 11:54 AM
A premium finance company says a state court has permitted it to foreclose on 2 borrowers.
Mutual Credit Corp., Irvine, Calif., says a Orange County, Calif., Superior Court judge has entered judgments in foreclosure actions involving Donald Kueltzo and Harry Jenkins.
The defendants originally had argued that Mutual Credit had created non-recourse premium finance arrangements designed to force borrowers to transfer policies to Mutual Credit or sell the policies after 2 years.
Both borrowers have issued statements indicating that they are satisfied with the way in which Mutual Credit has conducted its affairs, the company says.
