Colorado Housing and Finance Authority
The Colorado Housing and Finance Authority has been around since 1973 providing financial advice to needy families across Colorado. They offer fixed rate financing to qualified home buyers, businesses, and developers as well as education and advice on how to buy a new home. They also suggest locations and how much home you can afford. Partnering with banks, lenders, local government and developers, the CHFA coordinates strong communities across the state!
Colorado Housing and Finance Authority
Colorado Mortgage Scam
A $45 million Front Range mortgage fraud scheme involving 105 home sales in 2006 resulted in 88 foreclosures after $8 million was kicked back to buyers and brokers, a state probe has found.
"It's certainly the biggest case we have ever investigated," said Zachary Urban of the Colorado Division of Real Estate. "We would hope there isn't something bigger out there that we don't know about."
The home sales at inflated prices took place from Castle Rock to Greeley.
About three dozen real estate agents were involved in the suspect transactions. About a dozen of them have received sanctions from the real estate division, ranging from the revocation of their real estate licenses to small fines and requirements to complete education classes.
All of the sales in the alleged schemes took place during a time when lenders often did not carefully check the qualifications of buyers and it was easy to get loans. Also, mortgage brokers in Colorado were not required to be licensed in 2006, as they are now.
