Cleveland-Area Builder Cops Plea In Mortgage Fraud; Admits Participation In Scam Involving 38 Homes; Agrees To Leave Construction Business

In Cuyahoga County, Ohio, The Cleveland Plain Dealer reports:

• A Solon builder who has been tied to mortgage fraud has agreed to get out of the construction business as part of his punishment. Edward Emery Jr. pleaded guilty Thursday to submitting a false loan application for a woman who bought a $490,000 home on Sedge Circle in Solon that he built. Emery also admitted to similar schemes involving 37 homes that he built in Solon and Glenwillow.

• Eloise Anderson of Richmond Heights pleaded guilty to using bogus job and income information to buy the Solon house, two houses in Cleveland and another house in Pepper Pike -- closing more than $1.3 million in deals over a five-month span in 2005. Emery was not connected to Anderson's other homes, Assistant Prosecutor Michael Jackson said. [...] She planned to quickly dispose of the homes under rent-to-own deals, Jackson said.

A title company owner, a mortgage broker and two officials from another mortgage company also face charges in the case. For more, see Solon builder leaving construction business due to mortgage fraud connections (Admits similar schemes involving 38 properties).