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Nixon sues for mortgage fraud

Attorney General Jay Nixon has filed seven lawsuits targeting individuals and businesses that have committed what he describes as mortgage fraud.
Monday, July 28, 2008 | 5:48 p.m. CDT; updated 6:39 p.m. CDT, Monday, July 28, 2008

JEFFERSON CITY — Attorney General Jay Nixon has filed seven lawsuits targeting what he describes as mortgage fraud.
The attorney general’s office says the lawsuits are aimed at individuals and businesses that defrauded consumers through refinancings, advanced fees and foreclosure consulting scams.
In some cases, Nixon says residents lost their homes and ended up in a bigger financial hole.
The lawsuits fall into two general categories. One targets companies that Nixon says persuaded people facing foreclosures to sign over their property deeds and then rent back their homes. The companies then failed to make mortgage payments on their behalf.
The other targets companies that promised good refinancing terms for loans that ended up being costly.


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