October 12th, 2010 
admin CONCORD – Several members of a New Hampshire legislative committee discussing changes to the law in the wake of a failed mortgage firm questioned Tuesday whether a final report could be issued, since they still don’t know or fully understand everything that led to its collapse. “I wonder if we’re not building something on quicksand,” said Rep. Rip Holden, R-Goffstown, a member of the House and Senate Commerce Committee, which was assigned to review the state’s regulatory oversight over Financial Resources Mortgage of Meredith. The firm closed nearly a year ago and left more than 150 investors with millions of dollars in losses. The former head of the firm and an assistant have pleaded guilty to federal fraud charges and await sentencing. Sen. Maggie Hassan, D-Exeter, committee chairwoman, said she didn’t think it was possible to know precisely what happened in such a short time frame, noting that federal criminal and Securities and Exchange Commission investigations were happening the same time the committee was charged with its task.
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