Monday, April 4, 2011
Tuesday, March 22, 2011
This is what Channel 47 WMDT wrote:The homeowners who accused Ward of mortgage fraud attended the hearing and admit they're pleased with Judge Laurie Bennett's decision to accept the terms of today's settlement between Ward and the Maryland Commission of Financial Regulation. According to the settlement, Ward agreed to cease and desist mortgage lending for 7 years.
"7 years is a long time," says Myra Frazier, the attorney for the homeowners, "I think it's going to have a detrimental impact on his business and I think that more importantly it will prevent future people from being victimized this way." "I'm very happy about that," homeowner, Vicki Ivey, tells WMDT 47 News. "He doesn't need to be practicing or lending...I'm relieved about that." Ivey entered into a mortgage agreement 2 years ago with Ward's company, The Money Centre in Salisbury. Ward's construction company built her home in Princess Anne.
Right now, Ward owes the State of Maryland $75,000 for the investigation and fees. It will be another 2 months before a final settlement order will be drafted, which will include changes to the mortgages and individual settlement plans for each homeowner. The State estimates there could be up to 50 mortgages in question. Ivey and her husband Lloyd say they don't mind the wait considering it took over a year for them to get to this point. The only disappointment of the settlement hearing, Ivey admits, is the fact that Ward was a no show at Tuesday's hearing. "This is a slap on the wrist, again. For him to admit what he's done, but he doesn't show any remorse. Why wasn't he here to say, and look at us, at least to say that he did us wrong?"
Ward's attorney, Melvin Caldwell, said he could not be at the hearing because he was out of town. Caldwell maintains the lending violations are nothing more than "technical violations".
WMDT confirmed Frank Ward is still on the ballot for Pocomoke City Mayor. The city election is in exactly 2 weeks, on Tuesday, April 5th.
Source; wmdt.com http://www.wmdt.com/Global/story.asp?S=14300454
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