Colorado Mortgage Broker Charged With Forging Documents, Fudging Numbers To Obtain Unaffordable Loans For Homeowners

In Wheat Ridge, Colorado, KUSA-TV Channel 9 reports:

• Investigators say a mortgage broker forged documents and doctored numbers to get people into homes and loans they couldn't afford, leading to a string of foreclosures. Zach Magalei will appear in Jefferson County Court next week. He surrendered to police last week after they obtained arrest warrants for felony theft and forgery.

• Magalei, and his brother Shane, ran Superior Lending and Mavy Incorporated in Wheat Ridge. Last July, Wheat Ridge police officers served search warrants on the Magalei brothers' homes and offices. After a televised plea to find the brokerage offices' customers, the investigation spread to Denver, Aurora, Lakewood, Arapahoe County, Golden and Colorado Springs. Detectives estimate 100 homes are involved so far.

For more, see Arrest made in widening mortgage fraud case.