Chapter 3: Hot Potato, The Great American Mortgage Scam Summary and Analysis

A black sheriff's deputy named Eljon Williams heard Solomon Edwards speaking on the radio one evening about a variety of scams targeting minority home buyers. Williams contacted Edwards who helped Williams and his wife get a home loan with a fixed mortgage. As it turned out, it was an adjustable mortgage that Edwards had tricked them into taking. They were shocked when their mortgage went up over $300 from one month to the next. Later, Eljon learned that Edwards had gotten a $12,000 commission, had rigged the appraisal and acted as the appraiser. Eljon's wife was pregnant and diagnosed with cancer. He begged the mortgage company for mercy but they gave him none.

The predatory nature of Solomon Edwards was common among agents and lenders during the housing bubble...