A Minnesota mortgage broker, already in trouble for duping lenders out of over a million dollars, was charged with an additional eight counts of fraud. Charged was Donald L. Walthall of Anoka, MN. The fraud counts involve mortgage transactions for eight homes purchased through eight different lenders in 2005.
Walthall allegedly told all of the lending institutions that he would occupy all of the properties. He also allegedly improperly stated his assets and liabilities. He made money by arranging for mortgages that exceeded the actual values of the homes being purchased. The loans are said to total over a million dollars.
Walthall was president of Universal Mortgage Inc., of Brooklyn Park, and also did business as Superior Mortgage Inc., the county said. Universal and five people associated with the firm, including Walthall, were charged last month in a $4.9 million mortgage fraud case involving at least 24 homes.
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