In 2022, Mat Ishbia purchased the Phoenix Suns in a deal valued at $4 billion.
Now, the mortgage company that built his wealth is facing a lawsuit alleging predatory practices.
The roughly 650-page lawsuit brought by Ohio's attorney general against Ishbia’s Michigan-based United Wholesale Mortgage demands a jury trial.
The company is accused of predatory acts by falsely claiming that brokers are independent and hunt for the best deals from different lenders to save homebuyers money.
Instead, the AG says United Wholesale Mortgage colludes with brokers to funnel most loans back to itself with above-market rates and fees.
The company calls the lawsuit a publicity stunt by the attorney general that essentially repeats frivolous claims from another case.
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Phoenix has a reputation, fair or not, of a boom town where old buildings often get demolished. Hit songs were recorded in midtown decades ago. In the 1960s, that success led to construction of what was once the top studio between Dallas and LA.
