Minnesota Attorney General Keith Ellison has filed a lawsuit accusing realtor Chadwick Banken of violating state and federal laws by reportedly selling houses via predatory and illegal contracts for deed and for allegedly discriminating against Muslim homebuyers.
The lawsuit, filed in Minnesota’s Hennepin County, claimed that Banken and his companies offered contracts for deed with “egregiously unfair terms” that were designed to fail, forcing buyers to walk away from their homes with no assets while Banken profited and marketed the property to new buyers.
The lawsuit also claimed Banken and his companies intentionally failed to provide disclosures of the contract terms as required by federal law while hiding the loan terms to fool borrowers into believing the loans were reasonable.
Furthermore, Ellison accused Banken of targeting Minnesota’s Muslim community for these endeavors, adding that he offered “significantly worse terms” for Muslim customers compared to other purchasers.
“My office launched this investigation and filed this lawsuit because we will not stand by when investor sellers deceive purchasers into accepting fundamentally unfair terms,” said Ellison in a statement. “My job is to help Minnesotans afford their lives and live with dignity, safety, and respect, and these illegal practices do exactly the opposite: they rob Minnesotans of their savings and their dignity.”
Banken has not publicly commented on Ellison’s lawsuit.
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He absolutely should file the lawsuit against the REALTOR. The REALTOR violated the terms of his licensure and based on the article treated the customers despicably and illegally. I have no sympathy for this behavior as a licensed Real Estate Broker myself. This type of behavior makes us all look bad.
Steve Reeves stated on May 15, 2024, at 1:56 pm that the accused is a REALTOR but nowhere did it say that he was a REALTOR. Steve Reeves also says that he is licensed Real Estate Broker. Could it be that he is guilty of Slander?
LOL, Steve is passing judgement without due process. This is what Democrats do.
He is not a REALTOR®, he is a real estate agent or Broker with NO affiliation with National Association of REALTORS®. There is a difference between the two.
REALTORS® live and do business by a strict Code of Ethics, this person obviously does not. He has been inactive as a REALTOR® since 2011.
LOL, if you are not a Democrat, get the hell out of the blue states and strengthen the normal ones. The Democrats will come after everyone sooner or later…as the famous left wing leader Stalin once said, “Show me the man and I will show you the crime.”
What? So a guy breaks the law, violates his professional code of ethics, and undermines the public trust, and he’s a victim? A “target” of the Democrats? Okay. Step away from the screen, take off your tin foil hat, get out of the basement, and get a life. Wake up!
I understand what “We the People” is saying: Some of the AG’s go after the softer crimes and let the violent ones get out without bail etc. They need to prioritize. Jay walking should be treated differently than rape and assault.
Convicting him without a trial? You are a threat to Western Civilization.
In response to “We The Brainwashed”, you need to quit drinking the Kool-Aid and get back away from the fringes. I don’t care if you are “red or blue”, let’s concentrate on the Red, White, and Blue and what it has stood for nearly 250 years. This was not a political article and it shouldn’t be. Another color that can be discussed is Gold, as in the Golden Rule, as in treating others as you would want to be treated. If you can’t wrap your head around that concept, maybe consider if you would allow your mother or your kids to sign the contracts that were presented by this agent.
The victims of these predatory practices have been wronged, and this individual is rightfully being taken to task for his wrongdoings.
But Ellison has a reputation of not abiding the U.S. Constitution. It’s ironic that he’s suing someone for illegal actions. The hypocrisy is alarming.
Watch the OX-Bow Incident and do the right thing. You people are a threat to Western Civilization.
We had a guy do something similar here in the Phoenix market. Currently doing 7.5 years which is nothing compared to the harm he has done defrauding 40 families.