John O'Brien Jun. 17, 2008, 2:25pm
TRENTON, N.J. (Legal Newsline) - New Jersey Attorney General Anne Milgram filed suit against 15 companies Tuesday, alleging consumer fraud and civil racketeering in the mortgage world.
Twenty-one individuals also became targets of Milgram, who says the defendants used false promises and misrepresentations when selling property, as well as tricking consumers into taking out mortgage loans at grossly inflated property values.
"The actions alleged in these lawsuits are unconscionable," Milgram said. "The conduct involved ranges from acquiring properties through false mortgage applications to prevailing on a desperate homeowner to transfer the deed to her property to someone else on the false promise that she would be able to buy back her home.
"It is imperative that we root out alleged mortgage fraud like this and protect the victims of these predatory lending practices."
The suits are filed in state Superior courts in Essex, Camden and Passaic counties. Milgram said they cover 25 properties and more than $5 million in fraudulent loans.
The companies charged in the Essex County suit are A&E Mortgage Co., Complete Title, Premier Real Estate Appraisal Service, Hammond Appraisal Service and LG's Business Services.
The Camden County suit charges Ultimate Real Estate Solutions and Empire Equity Group.
The Passaic County suit charges American Millennium Co., Equititle, The Addison Group, Radell Appraisal Services and Green Ink Investments.
From Legal Newsline: Reach John O'Brien by e-mail at email@example.com.