EXCLUSIVE: 14 Charged in $60 Million Mortgage Fraud Scheme
Fourteen people were charged with participating in a nearly $60 million mortgage fraud ring on Thursday following an FBI crackdown.
Palm Coast, FL – August 4, 2011
Fourteen people were charged with participating in a nearly $60 million mortgage fraud ring on Thursday following an FBI crackdown, FoxNews.com has learned.
The 14 alleged members of the mortgage fraud ring include real estate attorneys, title closers, appraisers and straw buyers. They were charged with conspiracy to commit bank fraud and wire fraud charges. The scheme involved more than 100 properties in New York and Florida, many of which are now in default or foreclosure.
Full Story >>>> FoxNews
Reverse Mortgage Fraud
There is fraud in Reverse Mortgages too, and as those close out with the financial institution taking control of the property to sell and reclaim their investment these will come to light. I heard of a reverse mortgage that was given at at least three times the value of the home and that was the actual disbursement allowed which was lower than the actual estimate made for the property.