HUD investigates local real estate company

[Neptune]

From KTUL

Tulsa - A real estate investigation is underway in Tulsa. Thursday evening, attorneys for a local real estate company and closing company called a hasty press conference.

It's a story we've been following for some time now, but at this point, it has only been rumor. People with very large real estate firms in Tulsa have said that officials with the U.S. Department of Housing and Urban Development came to town, investigating one firm for allegedly working inappropriately with a closing company.

Today, the attorneys for McGraw-Davisson-Stewart and Closings of Tulsa called a news conference to put those rumors to rest. They admitted that HUD had come to ask questions. But, they say it was strictly an inquiry about business practices.

As for why the feds would come to Tulsa to ask McGraw-Davisson-Stewart and Closings of Tulsa if there was anything going on, the attorneys say they aren't really sure how it all started.

"HUD has an obligation to examine particular areas all the time," said Rob Nigh. "And, we think that this was part of that. At least that was part of the genesis. Beyond that, we don't know for sure."

In fact, the attorneys said that at this point, the investigation or the inquiry had been suspended. And, they feel it will be completely resolved within a short amount of time.

There had been other media reports that consumers -- people buying homes -- had been bilked out of money by this practice. The attorneys say that is false and they are sure that a resolution will be brought out within the next couple of weeks.

We will continue to follow the latest and will bring you more when it happens.