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Ellison sues real estate broker Chad Banken over alleged schemes involving contracts for deed

Attorney General Keith Ellison filed a lawsuit Tuesday accusing a Twin Cities real estate broker of preying on Muslims and buyers with poor credit ratings with illegal and deceptive contracts for deed that concealed the cost and risks of the loan and balloon payments.

In a written release, Ellison said that buying a home is complex and buyers need clear, accurate information. "But Chadwick Banken and the companies he owns took advantage of home buyers' trust and rigged the game from the start," Ellison said.

The lawsuit accused Banken and multiple businesses he owns of violating state and federal laws by offering contracts for deed with "egregiously unfair terms to the point that the contracts are designed to fail," Ellison said.

https://www.startribune.com/ellison-sues-real-estate-broker-chad-banken-over-alleged-schemes-involving-contracts-for-deed/600365871/

 

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