Pair Convicted Of Felony Theft For Running Foreclosure Rescue Equity Stripping Scam; Peddled Bogus Sale Leasebacks To Strapped Homeowners Seeking Help

The Maryland Mortgage Fraud Task Force members recently highlighted their progress in a press conference, including the filing of criminal, civil, and regulatory actions against more than 250 individuals and companies in 2009, including this successsful criminal prosecution by the Prince George's County State's Attorney's Office:

• The Prince George’s County State’s Attorney’s Office Mortgage Fraud Unit prosecuted Nathaniel Wright and Aaron Bowe, who promised victims that their company could save the victims’ homes from going into foreclosure by participating in their rent back program.

• The defendants then used an unsuspecting straw buyer’s credit information to obtain loans. As a result of the defendants’ false promises, the victims transferred title to their homes and lost approximately $80,000 per victim. Wright and Bowe were convicted of felony theft and violating Protection of Homeowner in Foreclosure Act Law and were ordered to pay restitution totaling $220,000.

Source: Maryland Mortgage Fraud Task Force Announces Progress And Plans (State v. Nathaniel Wright; State v. Aaron Bowe).