State says three groups defrauded homeowners

December 11, 2009

The state Department of Labor, Licensing and Regulation took action Thursday against three groups of companies and individuals it said defrauded Maryland homeowners. The agency said it suspended the licenses of Rockville-based ATT Mortgage Co. and Shawpin Jong, also known as Steve Chung, and accused the firm of getting at least 11 mortgages for borrowers by submitting false employment information about them. The state also suspended the license of Nicholas Elko, who worked with Baltimore-based Equitable Trust Mortgage Corp., saying he promised to help a homeowner facing foreclosure but instead refinanced the equity out of her house before passing the property along to his mother. The state also issued a cease-and-desist order against the Shmuckler Group, Nova Key and individuals associated with the firms, accusing them of illegally collecting more than $1.2 million in upfront fees from Maryland homeowners for loan-modification help that ended with no results or refunds for most of the clients.

- Jamie Smith Hopkins | The Baltimore Sun

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