Sedge Circle is a quiet cul de sac in a new development of $3 and $400 thousand dollar homes. Problem is, nearly half the property transactions on Sedge Circle conducted in 2005 are now being investigated or prosecuted for mortgage fraud. Late last month, mortgage broker James Sims of Akron was found guilty for his role in helping fraudulently buy a home on the street. He helped a postal worker get a $490 thousand dollar loan from Argent Mortgage Company by lying about the buyer's income. The buyer is now serving 11 months in prison.
Sims is going to have a busy day. He's also a co-defendant in another Solon mortgage fraud trial set to start today. The property involved in that case is also on Sedge Circle. Sims was the loan officer in that transaction. The Beachwood company Country Home Mortgage of Ohio where Sims worked no longer exists. Sentencing dates and trials for other straw buyers, brokers and a title company owner involved in fraudulent home purchases on Sedge Circle are still pending. Mhari Saito, 90.3.