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Bankrupt Broker Secured $500,000 Mortgage
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March 10, 2009
A mortgage broker who has filed bankruptcy four times fraudulently obtained a $505,000 mortgage on a house with a 100 percent loan-to-value, with an inflated sales price, up $95,000 from its selling price just 14 months earlier.
Brandon Ellington, 28, is one of 21 people who have been charged in running a mortgage fraud ring involving dozens of luxury homes in Country Club Hills, Ill. Ellington worked for various companies as a mortgage broker and consultant and at one point owned his own company B & B Mortgage.
Officials said Ellington and others induced borrowers to purchase homes they knew couldn't be afforded. About 60 of 130 upscale homes in one subdivision have fallen to foreclosure. The home Ellington purchased for $505,000 with a loan from BNC Mortgage has also fallen into foreclosure.
Read story at Southtown Star
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