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From the fraud files

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5ksandcabernets: From the fraud files


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.


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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