Cash Back Mortgage Fraud Allegations Mount Against Suspended Connecticut Attorney

The New Haven Independent reports:

• "A judge this week extended a suspension of [New Haven attorney Morris] Olmer's license to practice law, as allegations mount that he worked with a West Haven appraiser to cheat mortgage lenders by inflating values of home sales throughout the region."

The allegations are being made in administrative proceedings by the section of the Connecticut judiciary that handles invetigations and discipline of Connecticut attorneys. The allegations being made are of conduct that is pretty standard in your typical cash back mortgage fraud (ie. inflated purchase prices and appraisals, use of double HUD-1 "technique", use of same appraiser on the six transactions that are being investigated). The allegations came from Mortgage Lending Network, who was the mortgage lender who claims to have been duped into financing all six transactions. Reportedly, local resident Thomas Gallagher, a buyer who Olmer represented in one transaction, also is accused of owning the appraisal firm that performed the allegedly inflated appraisals for all six deals.

In addition to the administrative investigation, the state reportedly disclosed that there is also a criminal case pending against attorney Morris Olmer. For more, see Lawyer Battles Rip-Off Charges.