Missouri Homebuilder Cops Plea To Bank Fraud; Accused Of Using Straw Buyers To Unload 16 Homes That Ended Up In Foreclosure

In St. Louis, Missouri, the St. Louis Post-Dispatch reports:

• The owner of a Crestwood development company pleaded guilty a federal bank fraud charge this morning and admitted orchestrating a mortgage fraud scheme that netted him hundreds of thousands of dollars and sent 16 area homes into foreclosure. Joseph A. Baumeister, 55, of St. Louis County, admitted that between January 2007 and October 2008, he used straw purchasers and false information on loan documents to buy 16 homes, Assistant U.S. Attorney Jeff Jensen said in court.

For more, see Crestwood developer admits mortgage fraud scheme.