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10 Years for Broker
A southern California mortgage broker was sentenced by a federal judge in Los Angeles to 121 months in prison for mortgage fraud. The broker operated mortgage, realty and appraisal businesses. Prosecutors accuse him of buying multiunit properties in distressed areas for fair market value, then simultaneously selling the "properties to 'straw' buyers for inflated prices, usually approximately $100,000 more than the fair market value," prosecutors said.
 

2 Comments on Watch Out For The Man..... Money is Not worth jail time!

Ouch! That is some crazy stuff to stay away from. Why do people feel the need to be greedy and desceptive? I don't get it.

Scott

10/14/2006 11:35 AM by Oak Valley Mortgage-California Home Loans and Refinancing


Good for the prosecutor!

You didn’t say but those "straw buyers" lives have been ruined, also. This sort of thing is bad for all of us.

We open the door to this kind of abuse when one company is the real estate broker, the mortgage broker, and the appraiser. Fortunately, it looks like the only losers were the bad guys and the loan wholesaler, and they should have know better.

This kind of thing leads to bad law that hurts everyone.

Bill

William J Archambault Jr

The Real Estate Investment Institute

http://www.reii.org

10/14/2006 01:52 PM by William J Archambault Jr (The Real Estate Investment Institute )


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Loan Officer: Connecticut FHA LOANS,CT VA Loans CT First Time Home Buyer:CT Home Loans (www.BenchmarkCT.com: CT Commercial Loans)
Connecticut FHA LOANS,CT VA Loans CT First Time Home Buyer:CT Home Loans
Thomaston, CT
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