-5-
repaid to Pioneer Mortgage upon receipt of the late payment from
the borrower.
Pioneer Mortgage was required to inform the investor if any
payment it remitted to the investor came from a source other than
the borrower by designating on the check sent to the investor that
such funds constitute a "loan to the lender". Thus, when Pioneer
Mortgage advanced funds to the investor to cover the borrower's
late interest payments, Pioneer Mortgage labeled such payment with
an "L".
As of 1990, over 2,000 persons (many of whom were elderly and
counted on their investments through Pioneer Mortgage to provide a
fixed income retirement) had made investments through Pioneer
Mortgage; the amount of these investments totaled approximately
$250 million.
Petitioners’ Investments
Petitioners invested in several fractionalized interests in
notes and deeds of trust through Pioneer Mortgage. They also
invested in a CMO. The following is a list of petitioners’
investments with Pioneer Mortgage:
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011