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Great American Mortgage Corp. - Order of Revocation

State of New York Banking Department


In the Matter of

Great American Mortgage Corp.

A Licensed Mortgage Banker Pursuant
to Article 12-D of the New York Banking Law

- Respondent -

ORDER OF REVOCATION


AFTER, due and proper notice and hearing; and

AFTER, review of the transcript of the January 12, 2010 hearing in this matter and the Findings of Fact and Recommended Decision of Jean Marie Brescia, Esq., the duly designated Hearing Officer, a copy of which is annexed hereto, I find that substantial evidence has been adduced that Great American Mortgage Corp. (“Respondent”), a mortgage banker licensed pursuant to Article 12-D of the New York State Banking Law (the “Banking Law”), violated the provisions of Section 597 of the Banking Law and Part 410.8(b) of the Superintendent’s Regulations in that Respondent has not submitted a Volume of Operations Report for the 2008 calendar year. Additionally, Respondent failed to maintain an existing line of credit as required under Part 410.1(b)(2) of the Superintendent’s Regulations and failed to acquire an active corporate surety bond or make a deposit in the amount and form as required under Section 591 of the Banking Law and Section 410.9 of the Superintendent’s Regulations.

NOW THEREFORE,under the authority granted to me pursuant to Sections 595(1) and 44-a of the Banking Law:

IT IS HEREBY ORDERED,

  1. That Respondent’s name as a mortgage banker should be deleted from the roll of mortgage bankers licensed pursuant to Article 12-D of the Banking Law; and
  2. That Respondent immediately returns the mortgage banker license issued by this Department upon the date of this order.
Witness, my hand and official seal of the Banking Department at the City of New York, this 19th day of February in the Year two thousand and ten.

____________________________
Jane Azia
Director of Non-Depository Institutions
and Consumer Protection

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