California mortgage broker arrested for theft

Three mortgage brokers in California to face charges of conspiracy borrowers after they have been almost $ 1 million trying to refinance their properties. Unable to perform Translation:invalid textThe California Attorney General Jerry Brown moved the case against 39-year-old Michael McConville Simi Valley, ALG Sales, Inc., Los Angeles mortgagee; Holdridge Garrett, 23, of Palmdale, California and Texas, Loan Officer ALG, Inc., and Alan Ruiz, 28, of Huntington Beach, a loan officer of ALG, Inc. Unable to perform Translation:invalid textBrown and expenses McConville his co-conspirators to draw tens of borrowers in refinancing home loans by falsely promising low interest rates and dealer \ 'fees and other terms. Then negotiate different terms with lending institutions have forged the victim \ 'signatures on final documents of the loan and won a large brokerage fee - from $ 20,000 to $ 57,000 - which were never disclosed. Unable to perform Translation:invalid textOnly when the borrower to refinance the certified copies of documents concerning loans, Brown said, they discover that their names were forged. Total accused of stealing more than $ 950,000, are accused by the borrowers over 70, so that victims of the operation of 30 million dollars in loans they do not agree. Unable to perform Translation:invalid text\ "After completion of their victims, has signed the documents, McConville and colleagues manipulated the documents of the loan, the borrower has slipped adulterated \ 'signatures and profit taxes that were not disclosed \" he says Brown . \ "This was not made some mistakes, but a conspiracy to steal nearly a million dollars from borrowers. \" Unable to perform Translation:invalid textMcConville said Brown has promised a couple with a fixed rate of 5.5 percent, the payment of $ 58,000 and $ 4500 in closing costs. Only after the signing of the documents, that does not give them a copy containing the pages with the main conditions of the loan. The couple have received the documents on loan from IndyMac Bank and discovered their signatures were forged, and had a rate of 7 per cent interest, Get No cash-out, and more than 50,000 U.S. dollars in arrears costs including a fee of $ 42,000 for development ALG According to the complaint. Unable to perform Translation:invalid textUnable to perform Translation:invalid textRead more: http://www.consumeraffairs.com/news04/2009/09/ca_mortgage_brokers.html ixzz0R3no3CWt #