Mike Kennedy
Elite Member
- Joined
- Sep 28, 2003
- Professional Status
- Certified Residential Appraiser
- State
- New York
[FONT=Arial, Helvetica, sans-serif]New Jersey Attorney General Files Three Mortgage Fraud Civil Suits [/FONT]
[FONT=Arial, Helvetica, sans-serif]Lawsuits against 15 corporations and 21 individuals whose mortgage-related activities, including inflated appraisals, allegedly violated state consumer fraud and anti-racketeering laws have been filed in New Jersey Superior Court. [/FONT]
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[FONT=Arial, Helvetica, sans-serif]The complaints allege schemes involving 25 properties and more than $5 million in fraudulent loans in which mortgage brokers, real estate appraisers, title companies, straw buyers and sellers, and promoters worked together to bilk would-be investors and homeowners. One strategy involved fraudulent mortgage applications that inflated income and misrepresented other information about unwitting "investors," which were used to finance the purchase of properties at grossly inflated prices that were supported by fraudulent appraisals, according to the government. [/FONT]
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The unrelated lawsuits, filed June 13 against Ultimate Real Estate Solutions LLC, based in Williamstown, N.J.; American Millenium Co. LLC of Florham Park, N.J.; and A & E Mortgage Co. LLC, based in Roselle, N.J., allege violations of the New Jersey Civil Racketeering Influenced and Corrupt Organizations Act and the New Jersey Consumer Fraud Act, including unconscionable business practices, false promises, misrepresentation, and knowing omission of fact.
"The actions alleged in these lawsuits are unconscionable," New Jersey Attorney General Anne Milgram said in a written statement. "It is imperative that we root out alleged mortgage fraud like this and protect the victims of these predatory lending practices."
Copies of the charging documents are available at www.nj.gov/oag/newsreleases08/pr20080617b-Milgram-v-Ultimate-Real-Estate.pdf; www.nj.gov/oag/newsreleases08/pr20080617b-Milgram-v-American-Millenium.pdf; and www.nj.gov/oag/newsreleases08/pr20080617b-Milgram-v-A&E.pdf.
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[FONT=Arial, Helvetica, sans-serif]Lawsuits against 15 corporations and 21 individuals whose mortgage-related activities, including inflated appraisals, allegedly violated state consumer fraud and anti-racketeering laws have been filed in New Jersey Superior Court. [/FONT]
[FONT=Arial, Helvetica, sans-serif][/FONT]
[FONT=Arial, Helvetica, sans-serif]The complaints allege schemes involving 25 properties and more than $5 million in fraudulent loans in which mortgage brokers, real estate appraisers, title companies, straw buyers and sellers, and promoters worked together to bilk would-be investors and homeowners. One strategy involved fraudulent mortgage applications that inflated income and misrepresented other information about unwitting "investors," which were used to finance the purchase of properties at grossly inflated prices that were supported by fraudulent appraisals, according to the government. [/FONT]
[FONT=Arial, Helvetica, sans-serif]
The unrelated lawsuits, filed June 13 against Ultimate Real Estate Solutions LLC, based in Williamstown, N.J.; American Millenium Co. LLC of Florham Park, N.J.; and A & E Mortgage Co. LLC, based in Roselle, N.J., allege violations of the New Jersey Civil Racketeering Influenced and Corrupt Organizations Act and the New Jersey Consumer Fraud Act, including unconscionable business practices, false promises, misrepresentation, and knowing omission of fact.
"The actions alleged in these lawsuits are unconscionable," New Jersey Attorney General Anne Milgram said in a written statement. "It is imperative that we root out alleged mortgage fraud like this and protect the victims of these predatory lending practices."
Copies of the charging documents are available at www.nj.gov/oag/newsreleases08/pr20080617b-Milgram-v-Ultimate-Real-Estate.pdf; www.nj.gov/oag/newsreleases08/pr20080617b-Milgram-v-American-Millenium.pdf; and www.nj.gov/oag/newsreleases08/pr20080617b-Milgram-v-A&E.pdf.
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