Long Island & New York Mortgage Fraud - Not All Homeowners And Banks Knew About The Snakes In The Grass
I've been following these stories for a couple of years now and to see how many more snakes have been found. These snakes falsified buyer's income, paystubs, employment length and other information on their mortgage applications after the buyers signed off on them.
July 8th, 2009 - 13 Real Estate Professionals Indicted For Mortgage Fraud Scheme
The 13 includes, lawyers, real estate agents, appraisers and bank workers. They were accused of 19 fraud real estate transactions. This occurred over a four-year period. They tricked lenders into issuing loans for homes whose values were artificially inflated and then had the lawyers pocket some of the money and that would show losses of more than $100 million.
July 29th, 2009 - 3 Indicted on Long Island For Mortgage Fraud Allegations
They were using straw buyers to take out fraudulent loans that defrauded financial institutions.
July 7th, 2006 - Indictment Unseals In Long Island Mortgage Fraud
Six people were indicted with first degree grand larceny stemming from two real estate transactions. Again, straw buyers were used.
June 17th, 2010 - Massive Round-Up For NY Mortgage Fraud
38 people including lawyers, real estate brokers and accountants were charged for mortgage fraud. This round-up is a part of the Justice Department to crackdown on people who are accused of lying, cheating and stealing from banks and unsuspecting homeowners. This operation was named: Operation Stolen Dreams
Banks can't watch all of their "trusted" employees. There were plenty of buyers who were defrauded and now can't pay their mortgages due to being told the value of their home was less before all of this mortgage fraud started. There were buyers who thought they were buying in Massapequa NY only to find out their home was actually in East Massapequa where the home values are less. Applications were falsified after the buyers signed off on them.
It's these snakes we can thank for the current mortgage crisis. There are more out there. Not just on Long Island but all over the U.S.
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