NPR Mortgage Fraud Story

207317 Resource 178438 178982 178982 1213975041237 1213977385781 Controlled Know Your Mortgage Broker

Not only was it too good to be true, it probably was illegal

Luckily, I only ran into three suspect mortgage deals during the boom in Flagstaff -- all were with out-of-town lenders and appraisers, but the deals involved the transfer of Flagstaff homes. I walked away quickly. Many in other parts of the country did not. The scams involved "sales" of the properties at above market rates with 100%, or close to 100% loans. Some of that cash was then to be "kicked-back" to the mortgage broker and appraiser. The seller -- perhaps unbeknownst to the seller -- walks away with more than the home is worth. The buyer is stuck with a home worth less than the lien on it. He was in a dream world trying to flip the homes when he came into my life. His mortgage broker was no longer answering the phone and the investor to whom the loan had been sold was knocking at the door for collection.This morning we hear about the results on the news: <a title="Arizona Republic news" href="http://www.azcentral.com/news/articles/2008/06/19/20080619mortgagefraud0619-ON.html" target="_blank">36 in Arizona among 406 indicted in mortgage-fraud bust</a>, according to the Arizona Republic this morning. Listen to the story on NPR's <a title="FBI arrests" href="http://www.npr.org/templates/story/story.php?storyId=91724118" target="_blank">Morning Edition</a>. 9 application/xml Arizona mortgage fraud arrests mortgage fraud NPR Mortgage Fraud Story FBI Puts Focus on Mortgage Fraud http://www.npr.org/templates/story/story.php?storyId=91724118 Arrests in Arizona Report from the Arizona Republic news service on AzCentral.com http://www.azcentral.com/news/articles/2008/06/19/20080619mortgagefraud0619-ON.html false Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; .NET CLR 1.1.4322; .NET CLR 2.0.50727; .NET CLR 3.0.04506.30; .NET CLR 3.0.04506.648) 127.0.0.1 127.0.0.1 aheitland 24.121.32.9 false true false false true 178975 false false true false false false true 178438 blog blogsite/BestFlagstaffHomes/web