More Twin Cities Mortgage Fraud Charges Coming

In Minnesota, the Minneapolis Star Tribune reports:

• Two suspects in the growing number of Twin Cities mortgage fraud investigations have been arrested on suspicion of racketeering and theft by swindle. Donald L. Walthall, 40, of Anoka, and Rahmeen D. Underwood, 30, of Minnetonka, were arrested Friday. Walthall is the owner of Universal Mortgage Inc., a Brooklyn Park brokerage company that allegedly used straw buyers to buy property at inflated prices, and Underwood is a loan officer. The men, both released from custody, couldn’t be reached Saturday to comment. The Hennepin County attorney’s office is expected to announce criminal charges Monday afternoon in what has become a widening mortgage fraud investigation involving hundreds of properties.

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• Property records showed that Universal has been at the center of a web of transactions where a small group of investors, including several Universal employees, bought rental properties and quickly resold many at above-market prices.

For more, see 2 arrested in widening mortgage fraud scheme (Charges are expected Monday in the case involving straw buyers for hundreds of Twin Cites properties).

Go here for other posts on the alleged Universal Mortgage straw buyer, home flipping scams.