Monday, September 10, 2007

Virginia Declares 90 Day Halt To Metropolitan Grapevine's Investor Solicitations

(original post - 9-7-07)
The Washington Post reports:
  • "The state of Virginia has joined Maryland in blocking Metro Dream Homes from offering homeowners mortgage-free living through a complex investment program, citing concerns about potential consumer "harm and economic loss." The Virginia State Corporation Commission late Wednesday issued a temporary injunction to stop the company from soliciting investors for 90 days, pending a Sept. 18 hearing. The order follows a similar action by the Maryland Attorney General's office on Aug. 15. In that case, the company is scheduled to file an answer to the allegations by Monday. [...] Metro Dream Home operates under a number of names, including POS Dream Homes, Metropolitan Grapevine and Metro Dream Homes of Fredericksburg; it lists business addresses in Maryland, Virginia and the District."

(An important point to highlight here is, just as in the Maryland action, the Virginia action is merely a temporary halt in the company's investor solicitation activities pending a court hearing. As of yet, there has been no formal findings of wrongdoing in either the Virginia or Maryland matter.)

For more, see Va. Joins Md. in Halting Mortgage Firm's Program.

Company officer Andrew Williams prepared a videotaped response back in August defending the firm after The Washington Post first published stories on this matter. To view Mr. Williams' response, see (no longer available online):

  • High Bandwidth - go here.
  • Low Bandwidth - go here.
  • Dial-Up - go here.
  • Radio - go here.

For recent articles on Metro Dream Homes, see:

posted by Home Equity Theft Reporter at 7:55 AM