Home Builder Developer - Interior Renovation and Design

CHICAGO (AP) The Illinois Attorney Generals office sued the owner of a Chicago remodeling company almost 30 years ago, accusing him of taking money from property owners for work that was either shoddy or never done. Without admitting wrongdoing, Mark Diamond agreed to change his ways.

But authorities say Diamond merely changed up his scheme, continuing what amounted to a nearly three-decade career of scamming hundreds of people primarily poor, older and African-American with home repair and mortgage-related frauds.

They accuse him of stripping millions of dollars in equity from homeowners, even as state regulators took away his business license, the Federal Trade Commission and two consecutive attorneys general sued and dozens of homeowners filed lawsuits.

Federal investigators last week executed a search warrant on Diamonds Chicago office, an FBI spokeswoman confirmed, but no criminal charges have been filed. Hes scheduled to appear at a hearing Monday on a 2009 state lawsuit against him.

How Diamond has managed to remain in business is a frustrating indictment of consumer protection laws and a civil justice system that moves too slowly, both prosecutors and consumer advocates say. If determined enough, they say, unethical business people can change corporate entities, reappear with different names and continue the same crimes.

Thats exactly whats going on here, said Illinois Attorney Gen. Lisa Madigan, in an interview with The Associated Press. This is hands-down one of the most horrific cases that Ive had to contend with.

Michelle Weinberg, a lawyer at Chicagos Legal Assistance Foundation, said shes seen roughly a half-dozen repeat players in consumer fraud schemes over the last 20 years. She agreed its not unusual for it to take a decade or more to stop them.

Its very sad, and its very frustrating, said Weinberg, who has represented multiple clients against Diamond.

Madigan said in addition to the civil case and possible criminal charges, her office is working with the Illinois Legislature to pass a bill aimed at better protecting consumers who consider reverse mortgages.

Diamond didnt answer repeated phone calls from The Associated Press, and his office appeared closed when the AP tried to visit last week. His attorney, Dennis Both, also did not respond to multiple emails and phone messages.

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Officials: Slow Justice At Fault In Chicago Mans Long Con

Housing market trends bode well for sellers this spring, but some may encounter hurdles even after they land abuyer.

Rising home values and a lack of inventory in many markets could set them up to receive competing offers, but that dynamic could also increase the likelihood that the appraised value of the home could fall short of the agreed upon sale price, potentially scuttling thedeal.

Banks rely on appraisals to determine whether the size of a mortgage being sought by a homebuyer is justified by the market value of the home theyre looking to buy. Lenders do

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Housing market trends bode well for sellers this spring, but some may encounter hurdles even after they land abuyer.

Rising home values and a lack of inventory in many markets could set them up to receive competing offers, but that dynamic could also increase the likelihood that the appraised value of the home could fall short of the agreed upon sale price, potentially scuttling thedeal.

Banks rely on appraisals to determine whether the size of a mortgage being sought by a homebuyer is justified by the market value of the home theyre looking to buy. Lenders do this to ensure that they will be able to recover their funds in the event they have to sell the home should the borrower default on themortgage.

When an appraisal comes in below the agreed upon price, a buyer may not be able to borrow the amount needed to buy the home. At that point, the buyer usually has to make up the difference with a larger down payment or walkaway.

This scenario was widespread in 2010, as foreclosures swelled following the housing bust, resulting in a surge in homes being valued by appraisers below what some buyers were willing topay.

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Potential sellers market brings possibility of lower appraisals - Sun, 29 Mar 2015 PST

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