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Ex-mortgage loan officer pleads not guilty to fraud in Milwaukee County

MILWAUKEE (WTAQ) - A former mortgage loan modification officer has pleaded not guilty to 11 Milwaukee County fraud charges.

Prosecutors said 52-year-old Stuart Nisenbaum Jr. took up to $1,500 in fees in exchange for arranging lower home mortgage interest rates which never came through.

The state Justice Department said some of Nisenbaum's clients faced foreclosures and penalties, because he reportedly told them to stop paying on their existing loans.

Nisenbaum was working for the Freedom Financial Group of West Allis at the time.

Nisenbaum, who lives in Milwaukee, waived his right to a preliminary hearing before being arraigned on his felony charges of fraudulent writings by forgery.

He's due back in court August 20th, when a trial date could be scheduled.

(Story courtesy of Wheeler News Service)