Mortgage News

Arbor Financial, Inc., Denver, Colorado, and 5280 Financial Group, and Mortgage Toolbox, Centennial, Colorado, have agreed to settlements with the Colorado Attorney General John Suthers that will eliminate the deceptive use of teaser rates mortgage loan advertisements.

Each of the three companies ran ads in the “Mortgage Marketplace” sections of the Denver Post and Rocky Mountain News, advertising low teaser rates and/or low minimum monthly payments associated with option ARM loans. …

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Original post by default@goarticles.com (Dane Smith)

Arvin Weiss, 58, Englewood, Colorado, was found guilty of mortgage fraud and witness tampering. The guilty verdict came after a 13-day trial before Senior U.S. District Court Judge Lewis T. Babcock, where the jury deliberated for one day.  Weiss is free on bond.  A status conference is scheduled for October 22, 2008, at which time Judge Babcock will set a sentencing date.  Weiss was found guilty of 16 counts, including 8 counts of …

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Original post by default@goarticles.com (Jordan Hashem)

Colorado Attorney General John W. Suthers will announce the criminal indictment of ten individuals (a real estate broker, a mortgage broker, a secretary/assistant, a buyer and income property investors) operating as a group to unlawfully take equity cash out of real estate acquisitions.&nbsp The members of the enterprise used real estate contract amendments, falsified loan applications and/or falsified invoices to deceive mortgage lenders into paying money to the enterprise.&nbsp The money was paid through the use …

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Original post by default@goarticles.com (Robin OBrien)

Cade Emerson Lee, was issued a cease and desist order by the Colorado Department of Real Estate. This is the first formal action against mortgage brokers accused of violating Colorado’s new lending laws. The Division of Real Estate is also seeking a $20,000 fine against Lee.  In addition, Adriana Arzate‘s license was summarily suspended and the Division is seeking $10,000 in fines asserting that Arzate falsified borrowers’ financial information so they could …

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Original post by default@goarticles.com (Mike Selvon)

Tracy T. Todd and Steve G. Boyer, both Greeley, Colorado real estate brokers, were disciplined by the Colorado Division of Real Estate for their alleged involvement in mortgage fraud schemes. The Division permanently revoked Todd‘s license and suspended Boyer‘s license for 90 days.

The Division asserts that Todd offered to purchase residential real estate in Greeley, Colorado at artificially inflated prices with the intent of receiving large sums …

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Original post by default@goarticles.com (Sandra Sheely)

Kenneth Germain, 64, is charged with one count of violating the Colorado Organized Crime Control Act (F2), one count of theft (F4) and sixty counts of securities fraud (F3). The indictment was handed down on January 2, 2008, and alleges that Germain, through his company EQ Invest, solicited numerous investors over the last few years to buy distressed properties for eventual resale. According to the indictment, Germain solicited investors to put 5% …

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Original post by default@goarticles.com (Simon Burgess)

Karl Patrick Mann, 46, is accused of burning his home at 1551 Navajo Trail, Woodland Park, Colorado, to avoid moving from his home, which was foreclosed a few days prior.  According to media reports, Firefighters were able to stop the fire spreading, though the house was damaged by smoke and water.  Mann was arrested on first degree arson charges and awaits arraignment.

Original post by default@goarticles.com (Patrick Bedall)

Julie M. O’Gorman, Loveland, Colorado, grossly overvalued eight properties, most of which were in the Greeley area. These eight properties are the subject of charges previously filed against O’Gorman.  The Colorado Department of Real Estate’s emergency suspension of O’Gorman‘s appraiser license was precipitated by her appraisal of the Los Leones Ranches in Walsenburg, Colorado for a conservation easement.

Conservation easement valuation requires specialized expertise which the …

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Original post by default@goarticles.com (A Rouse)

Julie M. O’Gorman, Loveland, Colorado, grossly overvalued eight properties, most of which were in the Greeley, Colorado area. These eight properties are the subject of charges previously filed against O’Gorman.  The Colorado Department of Real Estate’s emergency suspension of O’Gorman‘s appraiser license was precipitated by her appraisal of the Los Leones Ranches in Walsenburg, Colorado for a conservation easement.

Conservation easement valuation requires specialized expertise …

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Original post by default@goarticles.com (A Rouse)