North Carolina Attorney and NBF Contributor John O’Connor Files Mortgage Fraud Suit On Behalf Of 300
As reported in the Raleigh News and Observer, NBF contributor John O’Connor in conjunction with Giarmarco Mullins and Horton in Detroit, filed suit on behalf of 300 plaintiffs February 12th alleging violations of North Carolina’s consumer protection laws. The lawsuit is part of a larger series of cases stemming from what has been called the largest incident of mortgage fraud in North Carolina state history. The most recent suit seeks damages from nationally chartered banks, development companies and appraisers for the role they played in a scheme that damaged property values in coastal land developments in North and South Carolina. Allegations in the lawsuit highlight the toll that widespread foreclosure can take on a neighborhood’s property values as well as the dangers consumers face when banks stray from established underwriting practices in pursuit of windfall profits.
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