Nearly two million dollars in second mortgage loans will be forgiven by three builders, who say they'll cooperate with an investigation of a mortgage broker accused of deceptive practices.
Attorney General Roy Cooper and Deputy Commissioner of Banks
Mark Pearce say the builders agreed to forgive 66 second mortgages
written in Cleveland and Gaston counties.
Dixie Homes L-L-C of Gastonia, and M-C-E Properties and
Evans-Davis of Kings Mountain say they'll cooperate in the
investigation of Hall Financial Services of Matthews.
Officials say homebuyers who used Hall for financing didn't know
they were also agreeing to a second mortgage, which was placed on
their home with one of the three builders named as the lender. The
state says a third of the 139 mortgage loans Hall made are in
foreclosure or nearly so.
James Markham Hall and Sharese Hall are accused of making the
unfair and illegal loans to homebuyers between April 2004 and
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