Detroit Man Cops Fraud Plea; Lenders Out $21.7 Million
The loan packages submitted to banks were fraudulent in one or more of the following ways:
- loan purpose was not to buy or refinance a residence; borrower described on application was not the true borrower; false description of borrower's employment; bogus documents used to prove borrwers' employment; inflated and forged appraisals; property title not free and clear, use of straw title company purporting to insure clear title; photographs included in loan package were not of the subject property.
.
<< Home