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PRESS RELEASE


IN Suing Broker, Closer for Fraud

Rokita takes action against alleged fraudulent investment practices for real estate totaling more than $1.4 million

 
Terre Haute, Ind. (April 10, 2007 ) -- Today, Indiana Secretary of State Todd Rokita (http://www.in.gov/sos/) announced that his Securities Division enforcement staff is taking action against Terre Haute-based Extreme Investments, Inc., Hoosier Title Incorporated, and two real estate buyers for falsifying information on 23 mortgage loan applications for properties totaling more than $1.4 million.

The administrative complaint served today indicated that buyers Rick Burnett and Kris Sommerville may have falsified information on loans for multiple investment properties in the Terre Haute area, by indicating that the properties would be used as primary residences.

Extreme Investments of Terre Haute, Inc. d/b/a Affordable Lending of Terre Haute served as the loan broker, and Hoosier Title Incorporated served as the closing settlement agent in all 23 loan closings.

The Complaint alleges that several originators and closing agents assisted the buyers in falsifying information to improve chances of the loans' approval, and asks that the Securities Commissioner permanently bar Affordable Lending, Eric Wuestefeld, Nicholas Olsen, and Joshua Rigdon from engaging as brokers and originators in Indiana.

"Falsifying information to obtain a loan is fraud, and it is a practice we simply will not tolerate from buyers, brokers, originators, closing agents, or any other parties involved in the home buying process," said Rokita. "Our foreclosure rate in Indiana is one of the highest in the nation, but we can work to reverse that trend by educating home buyers and by protecting the industry from damaging, fraudulent behavior."

According to RealtyTrac, an comprehensive, online mortgage marketplace, Indiana consistently ranks in the top 10 states nationally for mortgage foreclosures, and is currently ranked sixth.

The Indiana Loan Broker Act charges the Indiana Secretary of State with licensing and regulating loan brokers, and with enforcing The Act's prohibition against fraud directly or indirectly connected with a loan broker services contract.

SOURCE: Office of the Indiana Secretary of State

 
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