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Fredericksburg Dream Homes promises a dream that may be a nightmare Date published: 8/17/2007
BY CATHY JETT
For some in the market for a new home or better mortgage, Fredericksburg Dream Homes may sound like a dream come true. At invitation-only meetings, the company has explained how they could be mortgage-free in five years without having to make a single payment during that time. But the offer of financial independence through investments in its sister companies may turn out to be too good to be real. John Kaila, a local attorney who handled about 10 closings related to Fredericksburg Dream Homes, said the State Corporation Commission has been investigating the company. And BB&T is looking into loans suspected to have a connection with the company, bank spokeswoman A.C. McGraw said. In addition, Maryland's attorney general on Wednesday ordered parent company Metropolitan Grapevine and its POS Dream Homes office in Laurel to cease operations until a hearing can be held. This marks the second time that Metropolitan Grapevine Chief Executive Officer Andrew H. Williams has been ordered to stop operating a securities business in Maryland. The first was an unregistered and fraudulent automated teller machine investment program that violated the state's securities laws and had earmarks of an illegal pyramid scheme, according to the Maryland Attorney General's Office. Metropolitan Grapevine's publicist said no one from the companies could comment on the latest order due to legal proceedings. Fredericksburg Dream Homes opened in Chancellor Shopping Center on State Route 3 in Spotsylvania County earlier this year. It was registered as a limited liability company last month with Bethena Smith as the registered agent. Smith also heads the charitable MG DiVine Foundation and is the wife of Isaac Smith, a former president of Metropolitan Grapevine. The couple own a $949,000 home in the Sawhill subdivision in Spotsylvania. Fredericksburg Dream Homes has been holding meetings at its office for interested investors every Monday evening for the past few months. Several sources said that they were attended by a number of professionals, including doctors and lawyers, as well as area home-builders, real-estate agents and mortgage loan officers. According to a copy of a PowerPoint presentation made there, people pay $5,500 upfront to join the program. They are then advised to refinance their house and use the equity to loan 15 percent of the total debt--often $50,000 or more--to sister company POS Dream Homes.
Date published: 8/17/2007
i saw it through the grape vine ,that i was about to be black attacked by the smith and williams team .i'm disabled white man with love for all . these people set out to attack me because of my vunerable sate and color .they believe they are blessed under satans protection. however my lord JESUS knows me well and help me not to lose everything to satans followers.i need daily help and care and this gang has taken from my funds thousands of dollars due to their dragging their tails for financeing .
the title shoudl be, is this nightmare for real. damn right it is. the fed lowered its rate for you to borrow its fake ass, worthless money today. if it didnt, the market would have done a straight line, nose dive. nice save ben. let me tell you a secret. that house you live in is nowhere near being worth what you paid for it. the end is more than near. it is here. have a nice day. pos means piece of [*#@!] and da means dumb ass.
"... refinance their house and use the equity to loan 15 percent of the total debt--often $50,000 or more--to sister company POS Dream Homes. .. " - - - -
at some point in the pyramid scheme, my brain would have tickled when the presentation ended at, "POS dream home" aka "Piece Of S--T" .... i bet the crooks knew this from day 1
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