Lehman Bros. sues over potential mortgage fraud at Pasco condos.

Byline: Shannon Behnken

Nov. 2--TAMPA -- A New York lender fears it is on the hook for millions of dollars in loans that now total more than the New Port Richey properties are worth.

Lehman Bros. Holdings, the global financial services corporation, filed suit in Tampa on Tuesday against a group of investors, title companies, a mortgage company and an appraisal company involved in potential mortgage fraud at a Pasco County condominium complex.

Sunset Bay Club has three-story triplexes that each have five bedrooms and a shared kitchen. The bedrooms, according to the lawsuit, are leased primarily to senior citizens.

Fifteen defendants used …