BALTIMORE, MD—The Maryland Attorney General’s Office has filed formal charges against MV Realty, accusing the real estate firm and its top executives of using deceptive trade practices and issuing illegal, usurious loans to target vulnerable homeowners.
The charges (PDF), filed by the Consumer Protection Division, name MV Realty PBC, LLC; MV Realty of Maryland LLC; MV Brokerage of Maryland LLC; and corporate officers Antony Mitchell, David L. Manchester, and Amanda J. Zachman. State officials allege the companies entrapped more than 1,000 Maryland residents through predatory “Homeowner Benefit Agreements.”
According to the state, MV Realty marketed these agreements as a loan alternative, offering homeowners a small upfront cash advance. In exchange, homeowners signed away the right to list their property with any other real estate broker for the next 40 years…