Loan officer successfully sued Trump Mortgage, but judgement came too late

Trump admits mortgages “not a business I particularly liked or wanted to be part of”


In the brief 18 months that it was in the world, Trump Mortgage managed to inspire at least one successful lawsuit against it, according to an article in Bloomberg by Heather Perlberg.

In the article, Jennifer McGovern, 44, described that she worked in the boutique part of the business, where people housed in their own offices dealt with high-end real estate agents and attorneys.

From the piece:

McGovern sued Trump Mortgage in early 2007. She had brokered a $26.5 million commercial loan that should have given her a $238,000 payment, she said. Trump Mortgage told her to accept a $10,000 commission instead.

When she refused, she said Ridings fired her on the spot. McGovern won a court judgment in 2009 awarding her a payout close to $300,000. But by then the company had no assets, no office and no phone number.

Trump Mortgage launched in the spring of 2006 with much fanfare, and closed just 18 months later, leaving behind unpaid bills and broken promises.

Read on.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s