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Big mortgage fraud bust in Houston

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Mike Plumlee

Thread Starter
Junior Member
Joined
Feb 21, 2007
Professional Status
Certified Residential Appraiser
State
Texas
You may have heard, but they busted 37 people here in Houston this week for a giant mortgage fraud. The fraud revolves around a couple that set up 2-3 mortgage companies as brokers, found themselves some "straw buyers" to use their credit to take out loans on homes that were appraised at double. The brokers paid the straw buyer a $10,000 fee for using their credit, bought the house and then pocketed about $180,000 on each purchase. That means the appraiser was signing off on a $400,000 value for a $200,000 house each time.

Lots of folks involved, but no appraiser names yet.

Story here http://www.chron.com/disp/story.mpl/ap/business/5359570.html
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
You have to wonder why those people thought they could commit so many fraudulent deals and get away with it. Duh!

Now they're looking at the possiblity of life in prison!
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
Yes, I would also like to know who the appraisers were.
 

Rhonda Bradley

Freshman Member
Joined
Oct 27, 2006
Professional Status
Licensed Appraiser
State
Texas
The whole thing is just appalling ... I'm thankful I've never heard of these people or their companies. What's that old saying? ... 'good riddance to bad rubbish'

yep, that's it.
 

tjvetrone

Sophomore Member
Joined
Oct 24, 2007
Professional Status
Appraiser Trainee
State
Texas
anyone ever figure out who the appraisers were???
 
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