BY CARRICK MOLLENKAMP
Billionaire Wilbur Ross, who plunged into the mortgage-servicing business with a slew of acquisitions in the past year, is running into problems in a new sign of increasing stress in the business that is on the front line of the U.S. housing crisis.
American Home Mortgage Servicing Inc., an Irving, Texas, company controlled by Mr. Ross's private-equity firm, W.L. Ross & Co., was sued Tuesday in Connecticut state court by a hedge fund. The lawsuit, filed by Carrington Capital Management LLC, alleges that the servicing unit improperly unleashed a flood of home sales in November and December to help repay ...
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