Pueblo Native Lived Large On Loan Scam

Originaly by Joe Dominguez:  PUEBLO - A Pueblo native that helped broker home mortgage deals for at least close to two dozen local families has been indicted by a federal grand jury in Denver. Danny DeGrande allegedly lied to obtain the mortgages then used his profits to live extravagantly while Pueblo homeowners were forced into foreclosure.

DeGrande reportedly owned a million dollar home in Centennial, owned two Porsche sports cars and was part owner of an indoor football team in the Denver area. Since being charged with fraud, his home is being sold, the cars have been repossessed and he’s lost his share of the team. U.S. Prosecutors are going after DeGrande for close to $1 million dollars that they say he is personally responsible for.

In court documents unsealed earlier this week, 22 properties all over Pueblo are no longer home to families that dealt with DeGrande. The victims of the property deals done at least five years ago are long gone.

In published reports DeGrande has said he did nothing wrong. The Pueblo South graduate blames the subprime mortgage collapse for the foreclosures. Prosecutors disagree saying they most of the money DeGrande made came from lying to obtain the mortgage loans. He and his business partner in Denver have also face money laundering charges.