State shuts down mortgage company

July 24, 2008 6:24:29 PM PDT
A Chicago mortgage company has been shut down by the state.First Chicago Mortgage Company and six of the company's loan originators had their licenses revoked Thursday.

The company's real estate business is not part of the investigation... But the state's mortgage fraud task force accused the company of writing more than $6 million in loans based on inflated buyer's income data and employment information.

At least six of the loans are now in foreclosure.

The owner of the company could face criminal charges.

First Chicago's attorney refused to answer questions when ABC7 contacted him Thursday.


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