Nickles reaches settlement in mortgage rescue scam

Drew Smith Oct. 21, 2008, 12:44pm

Peter Nickles

WASHINGTON (Legal Newsline) - The District of Columbia's acting attorney general has entered into a consent order with two companies accused of participating in the Metropolitan Money Store mortgage rescue scam.

The consent order states the two companies -- Regional Title & Escrow, LLC and RTE Title, LLC -- and their principal, Valeria Tomlin, are prohibited from performing settlement services in the District and must pay $575,000 to D.C. and Maryland homeowners.

Acting Attorney General Peter Nickles' complaint accused the companies of performing settlement services and participating in mortgage loans they knew were not bona fide.

It also claims that Metropolitan Money Store targeted 25 homeowners in the District by falsely promising to help them avoid foreclosures, keep their homes and repair their damaged credit.

"Homeowners in the District of Columbia who are in financial distress should not be manipulated by predatory practices that strip them of ownership and equity in their homes on the basis of false promises to save those homes," Nickles said in a statement.

Today's consent order will stop a company that did title settlements in a major mortgage rescue scam from operating in the District, and will deliver money back to District homeowners victimized by that

The settlement is subject to approval by the D.C. Superior Court.

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