Lawmakers investigate shady mortgage deal that may cost elderly - KMOV.com

Lawmakers investigate shady mortgage deal that may cost elderly woman her home

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By KMOV Web Producer By KMOV Web Producer

(KMOV) -- A News 4 Investigation is getting results.

Federal authorities and political leaders are now investigating a shady mortgage deal that could cost an 88 year old St. Louis woman her home. Investigative reporter Chris Nagus broke this story Tuesday night (9/4/2012). Today he's learning one Missouri senator is ready to take action.
 
Senator Roy Blunt (R – MO) watched the investigation and calls the situation appalling.
He even sent out a news release demanding Fannie Mae take action.
88 year old Agatha Dismuke is in foreclosure. Her family says she losing the house because a neighborhood handyman took over Agatha's power of attorney and convinced her to refinance the house …leading to a disaster.
 
Last week the situation seemed hopeless. Dave Harding represents Agatha Dismuke. He told News 4 “the house was foreclosed on by the federal government.” He's' been trying to track down Larry Bradshaw, the guy who took over Agatha's power of attorney for the sole purpose of taking out a reverse mortgage on her home. Harding told News 4 “on September 4th 2008 he (Bradshaw) walked away with $51,000.” And Agatha told News 4’s Chris Nagus she never saw any of that money.
 
So Nagus got Larry on the phone to find out what happened to the money. He says some of it paid for home repairs, but it wasn't clear what, considering the homes state of disrepair. He also admitted in a phone interview that he “had a cocaine problem you know what I’m saying? Ms. Agatha knew that everyone knew that.” And when asked if some of the money went to drugs, Larry responded “Unfortunately.” Bradshaw also admitted he thinks he spent thousands of dollars to buy drugs.
 
Today Agatha's attorney confirms an investigator with the U.S. Postal inspector’s office stopped by.
Senator Claire McCaskill’s (D-MO) office also confirms they're looking into the situation. But Thursday, the strongest language came from Sen. Blunt stating "this situation is appalling and unacceptable. Clearly someone took advantage of Ms. Dismuke, but she should not face homelessness as a result. "
 
Chris Nagus called Larry Bradshaw back today to see if he wanted to offer comment, but he said he (Nagus) had done enough damage already.
 

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