Newspaper article St Louis Post-Dispatch (MO)

6 Describe Lenders' Deceit `Refinancers' Never Paid off Homeowners' First Mortgage Holders

Newspaper article St Louis Post-Dispatch (MO)

6 Describe Lenders' Deceit `Refinancers' Never Paid off Homeowners' First Mortgage Holders

Article excerpt

Six homeowners testified Friday in St. Charles County Circuit Court that they had refinanced their mortgages with a former St. Charles mortgage broker and then found to their astonishment that the broker had failed to pay off the old mortgage, leaving them with two.

One of the homeowners, Billie G. Crum Jr. of Wentzville, said, "I had contacted a lawyer. We were going to file bankruptcy." The Bank of Oklahoma rescued him, Crum said, when the bank took on the debt of the first mortgage.

Crum was one of the homeowners who testified at a preliminary hearing to determine whether Joseph A. Iadevito, president of Lenders Mortgage Services Inc., should be tried on seven counts of unlawful merchandise practices. Attorney General Jay Nixon filed the fraud charges against Iadevito.

The hearing was continued Friday morning after Jared R. Cone and Douglas M. Ommen, assistant attorneys general, learned that one of the witnesses could not appear because he was with his wife, who was delivering a baby. …

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