AG Files Mortgage Fraud Suit
The state is suing an Adams man, accusing him of mortgage fraud that resulted in the foreclosure of several multi-family homes.
According to Attorney General Martha Coakley, Richard E. Doherty of Adams devised a scheme to falsify mortgage qualifying information in order to get inflated loans on multi-family and commercial buildings in Adams, North Adams, Greenfield and Pittsfield.
Doherty did not repay the mortgages and allowed the houses to fall into disrepair, Coakley's office said. The state is seeking unspecified civil penalties, restitution payments and attorney's fees in addition to Doherty's surrender of his "ill gotten gains."
Coakley said her office finds a "wide array of alleged misconduct by many in the mortgage lending area." That misconduct, she said, is in many cases "the leading cause of the continued rise in foreclosures in our communities."
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