Click Here

REALTORŪ Magazine Online: The real estate professional's business support tool.

OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

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

Browse all of today's news
E-mail this page to a friend
Give us feedback

Search news
Launch my search
 
Subscribe to news
Subscribe to News
Daily and weekly real estate news, trends, NAR press releases, convention coverage, plus exclusive features and columns.

RSS Feed
Get the Daily Real Estate News delivered straight to your desktop or news aggregator. (New to RSS? Learn the basics here.)
 
 
SHARE YOUR INSIGHTS
How did you sell it?
Tell us how you overcame hurdles to sell a challenging or very unique listing!