I-Team: 3 Convicted in Mortgage Fraud Scheme [Foreclosuregate] - MarketTicker Forums


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User Info	I-Team: 3 Convicted in Mortgage Fraud Scheme in forum [Foreclosuregate]
T! Posts: 157 Incept: 2007-12-03 Nevada	http://www.8newsnow.com/story/16336155/i.... A former Las Vegas real estate broker, her husband, and a third woman who worked in the Nevada real estate industry were convicted by a federal jury today of conspiracy and fraud charges for their involvement in a mortgage fraud scheme that caused more than $24 million in losses to federally-insured banks.....Grimm and Mazarrella engaged in roughly 432 straw buyer transactions involving an estimated 227 properties with a total purchase price of more than $107 million. They defaulted on mortgage payments on many of the loans, which caused the properties to go into foreclosure. At least 143 of the properties are in default, causing more than $24 million in losses to banks. MORE AT LINK... 2011-12-16 13:30:35 Permalink