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Fraud fueled by appraisals catches up with mortgage loan officers
Tuesday, August 21, 2012
Two mortgage loan officers pleaded guilty in federal court to recruiting straw buyers to purchase properties at inflated prices and then distributing the excess loan funds among themselves, the straw buyers and others involved in the scheme. A colluding appraiser offered appraisals to support the inflated prices of the properties. He also prepared false loan applications on behalf of the straw buyers, often overstating their income, misrepresenting their employment, and failing to disclose their other mortgage obligations or the true source of their down payments. 

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