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Loan Modification

: Mortgage Lender Implode-o-Meter

BREAKING: 14 indicted on 44 counts in Sarasota real estate flipping fraud investigation

By Implode-Explode Heavy Industries

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"At least 14 people face federal charges in what law enforcement officials described Friday as one of the largest mortgage fraud conspiracies in Sarasota history.

In a press conference, U.S. Attorney Robert E. O'Neil detailed how former real estate agent Craig Adams and a group of associates defrauded banks out of as much as $42 million by flipping properties for inflated prices and fooling lenders into writing inflated mortgage loans."

Full post as published by Mortgage Lender Implode-o-Meter on February 25, 2011 (boomark / email).

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