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Story Published: Jul 22, 2008 at 4:50 PM PDT Story Updated: Jul 22, 2008 at 11:42 PM PDT OLYMPIA, Wash. -- The state will revoke the license of Paramount Equity Mortgage, Inc. due to its deceptive lending practices, the Department of Financial Institutions announced on Tuesday. The department, after filing charges against the company on Tuesday, said it has fined the California-based firm $500,000 and required restitution for Washington borrowers. Paramount, which is headquartered in Roseville, Calif., has three other branches that operate under a Washington license. Those offices, which are are located in Bellevue, Wash., Granite Bay, Calif. and Lake Oswego, Ore., will have their licenses revoked, according to the state. The state alleges Paramount engaged in a number of deceptive lending practices, including charging and... [read full story]
