Maryland AG Gets Partial, Temporary Shut Down Of "Metro Dream Homes" Operation

The Washington Post reports:

• "The Maryland attorney general took legal action yesterday against a Laurel company that offered homeowners mortgage-free living through a complex investment program. POS Dream Home, which also operated as Metropolitan Grapevine, along with its officers, was ordered to stop soliciting new business and to halt operation of its investment program pending a hearing. [...] [Maryland Attorney General Douglas] Gansler said the company failed to register with the state Securities Division, in violation of state law, and operated a program that potentially posed serious risks for investors."

It is, however, allowed to continue to run "legitimate operations", according to an AG spokesperson. For more, see Maryland Halts Firm's No-Pay Mortgage Offers.

Go here for Maryland Attorney General Press Release - Securities Division Orders Halt to Laurel-Based Mortgage Program (Charged with Securities Violations and Investment Fraud).

For story update, see Federal Court Denies "Dream Homes" Request To Lift Cease & Desist Order (10-2-07).

Go here for other posts on Metro Dream Homes.