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Portland Businessman Faces Deadline

Posted at 10:42 AM, Feb 26, 2019
and last updated 2019-02-26 12:30:04-05

New information tonight on a Troubleshooters story we’ve been reporting since 2017.

Monday was the deadline for Fred Rich to submit a list of clients he has to reimburse.
Rich is the Portland businessman being investigated for unlicensed residential mortgage loan activity going back to 2015.

According to the Texas Department of Savings and Mortgage Lending, dozens of people in Nueces and San Patricio counties purchased homes from Rich.

The Department indicated the list could have some 60 names of people who are currently making payments to Rich on loans he originated.
We’re told the reimbursements will come in the form of balance reductions and credits for items including late fees.

This is all part of a one-million-dollar administrative penalty the Department imposed on Rich in october 2018.

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