Industry News

Colorado probes newspaper mortgage ads

Denver-area publisher subpoenaed

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Colorado officials are apparently investigating whether advertisements in Denver-based newspapers offering low interest rates on mortgage loans were a bait-and-switch tactic. The Colorado attorney general's office subpoenaed the Denver Newspaper Agency, publisher of the Rocky Mountain News and Denver Post, for records on Dec. 15, the News reported today. Although state Attorney General John Suthers said last year he would investigate mortgage lenders offering low rates in newspapers, officials offered little information about their reasons for seeking records from the newspapers, the News said. The subpoena requested information on companies affiliated with Leo Shifrin, Mark Shifrin and Jerry Johnson, including CBA Inc., Consumer Mortgage Group Inc., Jupiter Lending, Mortgage Planning and Lending Specialist Ltd., Mile High Mortgage, Mortgage Processing Group Inc., Shifrin Inc., Wholesale Mortgage Lending LLC, Vision Title Agency of Colorado Inc. and VTA of Mile High. Johnson and...