The owner of a California lender that was sued by the Consumer Financial Protection Bureau runs another similar firm that operates the same way.

John Paul Reddam founded Ditech in 1995. The company was subsequently sold to General Motors Corp. in 1999.

Reddam is also the owner of thoroghbred horses, two which won the Kentucky Derby. More recently, his company, CashCall, was sued by the CFPB for its lending practices.


Source: Mortgage Daily