Mortgage Fraud Conspirators Still Facing Stiff Punishments for Crimes
Mortgage fraud conspirators who contributed to the real estate crisis of 2008 are still standing in line for punishment. Six real estate and mortgage professionals in New York are facing charges that could put them away for up to 30 years. Alex Barrett, a mortgage broker, conspired with title agent Michelle Baker and several property managers to defraud lenders out of an estimated $5.5 MM in loans. U.S. Attorney Lynch commented, “Through a web of lies and false documentation, these real estate professionals allegedly stole millions from banks, which they used to line their own pockets.” Hopefully the long line of mortgage fraud conspirators who contributed to the real estate meltdown will all see their day in court and set examples for others.
Source: MPAMag.com: http://www.mpamag.com/mortgage-originator/six-charged-in-5-5-million-scam-18815.aspx
Posted by Corey Curwick Dutton
