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From the fraud files

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5ksandcabernets: From the fraud files

5ksandcabernets

Wednesday, February 24, 2010

From the fraud files

Borrower buys a condo from Seller, whom he happens to be one of his associates. The borrower takes out a first mortgage with Bank A and a second mortgage with the seller.

Eight months later, borrower wants to refinance the mortgage on the seller. But he doesn't have a job, and he knows no one will give him a loan without one. So, he gets the guy who sold him the condo in the first place to act as his "supervisor" on a made up job.

The supervisor tells the loan originator that the borrower makes about $12,000/month. Our borrower gets the refinance, which, of course, pays off the first mortgage to Bank A and the second mortgage with the seller, who fraudently helped him get the refinance in the first place.

Clever, clever.

1 Comments:

Blogger fraizerbaz said...

There should be some fair amount jail time for that, don't you think? Just sayin'...

February 25, 2010 at 11:01 AM  

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