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Company Owner Held Responsible
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March 4, 2009
Three employees of a mortgage company allegedly wrote bad loans and had the mortgage brokerage owner sign-off on the loans, essentially holding him responsible for the mortgage fraud.
Mortgage broker Dave Cortez, 45, said he had nothing to do with the fraud and that his only wrongdoing was trusting his employees to make sound loans. Cortez, owner of Ascend Mortgage One, is being asked to surrender his broker's license and pay fines of $20,700.
Cortez, a high school basketball coach, also let his surety bond lapse so now the victims, including Mortgage Solutions of Colorado, have no recourse. Mortgage Solutions funded one of the loans in the amount of $369,000 only to find out it was a straw-buyer scheme.
Read story The Gazette
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