›

Straw purchasing operation indicted

WestSideBillyWestSideBilly
edited June 2008 in Seattle Real Estate
http://seattletimes.nwsource.com/html/n ... ud19m.html
Those indicted included a disbarred lawyer, a former bank loan officer and a mortgage broker, according to the U.S. attorney's office. Others include the owner of several shell corporations who "flipped" houses as part of a scheme using unqualified "straw" buyers who allowed inflated loans to be made in their names, only to default on the mortgages, the indictment alleges.

No real surprise, except by the small number nationwide.

Comments

  • deejayohdeejayoh
    OK.. so who's going to do the sleuthing to see what these fine citizens purchased?
  • jillaynejillayne
    Looks like Mustafa "Marc" Khosraw got into trouble with DFI as far back as 2001 when he stopped paying his annual renewal fee.

    http://www.dfi.wa.gov/CS%20Orders/C-02-372-03-CO01.pdf

    But really, mortgage fraud doesn't happen here. This must have happened in some other city, right? Not.

    There were 200 mortgage LOs in my mortgage fraud class this past December and the majority had not heard of our state's recent mortgage fraud cases....all believed it must be going on in some other state and not here.
Sign In or Register to comment.