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Daily Real Estate News  |  August 4, 2004  |   Minn.: State Closes Equity-Stripping Case A Minneapolis man accused of equity stripping has agreed to forfeit his real estate license and the mortgage-originator license of Equistar Mortgage of St. Paul, Minn. Daniel Butterfield, who had been accused by the Minnesota Department of Commerce of equity stripping in a 21-count complaint, signed a consent order in late July that revoked the licenses. The consent order documented four cases in which homeowners in foreclosure were convinced that signing away their title and becoming renters would be beneficial until they were ready to buy back their homes. In addition to equity stripping, the department cited breach of fiduciary duty, incompetence, fraud, lack of disclosures to consumers, and violation of an order to produce records as other forms of misconduct by Butterfield--who now is permanently barred from mortgage origination or servicing.

Source: Star Tribune (Minn.) (08/03/04); Gendler, Neal

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