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Multimillion-dollar mortgage fraud mastermind paid for inflated appraisals
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Wednesday, September 19, 2012
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A Bronx, N.Y., woman was sentenced to 186 months in prison for orchestrating a mortgage fraud scheme in Atlantic City, N.J., involving seven properties that were bought and sold 17 times in a little more than six months. She recruited and made large cash payoffs to a real estate appraiser to falsely inflate the appraisals. After 17 separate real estate transactions, the straw buyers owned the seven properties — with mortgages they could not pay that were far in excess of the properties’ actual market value. The seven properties all went into foreclosure.
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