Attorney Details How Some Builders Use "Straw Buyers" & Bogus Appraisals To Unload Inventory Of Unsold Homes

In a recent article in the Springfield (Missouri) Business Journal, a local attorney details to a reporter how some area homebuilders are using "straw buyers" and phony appraisals to dump their inventory of unsold homes and how, in the process, buyers are being duped into financing the purchases with mortgages well in excess of the property’s market value. To read more, see Attorney reveals details of alleged mortgage fraud.

To read of one homebuilder, currently under two indictments, who alllegedly used this type of arrangement to sell his inventory, see my February 25 post, Kansas Broker Cops Plea In Fraud Scam; Developer In Hot Water, which includes links to the two Federal grand jury indictments.
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