On January 4, 2007 Cuyahoga County Prosecutor Bill Mason announced the first of two mortgage fraud cases, 9 defendants were indicted on forgery and 
theft offenses, telecommunications fraud, and engaging in a pattern of corrupt behavior. Three loan officers at two mortgage brokers, a developer, a title company and its owner, and a buyer and seller engaged in a fraudulent scheme to purchase homes in Solon, Pepper Pike, and Cleveland. Details of the second case can be found in the article above this one.

Eloise Anderson, 59, of Richmond Heights, who makes approximately $55,000 a year, bought four homes with loans worth about 1.3 million dollars between May 2005 and September 2005. By falsifying her income substantially, she obtained loans in Solon for $490,000, Pepper Pike for $650,000, and two loans in Cleveland, one for $81,000 and another for $115,000.

Those named in the indictment are (click here to read the indictment, kindly supplied by the Prosecutor’s office):
James Sims III, of Las Vegas and owner of County Home Mortgage of Ohio,
Floyd Patterson, 50, of Shaker Heights, and Frederick Watkins, 43, of Shaker Heights owners of Premier Mortgage Funding of Ohio,
Shirley Rodgers, 70, of Independence owner of Regency Title,
Eloise Anderson
Edward Emery

Furthermore, the brokers got $85,000 in kickbacks and Eloise Anderson received checks totaling $45,000, all of which were written by Rodgers of Regency Title. These illegal transactions came to light through the investigation of the Solon Police Department and the Prosecutor’s Office when neighbors of the $490,000 home in Solon became suspicious after observing that no one appeared to be living there.

The properties mentioned in the indictment are:

35675 Sedge Circle, Solon, Ohio
3606 West 45^th Street, Cleveland, Ohio
4081 East 64^th Street, Cleveland, Ohio
2485 Lander Road, Pepper Pike, Ohio

Update on Thursday, November 8, 2007 at 10:18AM by The Editor - Ian Shuter

Cuyahoga County Prosecutor Bill Mason continues his battle against predatory lending and mortgage fraud. Regency Title Company, operated by Shirley Rodgers, pled guilty today (November 8, 2007) to mortgage fraud offenses involving 103 houses with a market value of approximately 16 million dollars.  Rodgers and her title company were indicted in two mortgage fraud cases in January and February 2007 that involved houses at 35675 Sedge Circle in Solon, 2485 Lander Road in Pepper Pike, and 21999 Shelburne Road in Shaker Heights.

Click here for the full press release