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Brothers, Husband and Wife Team Defraud Lenders
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January 8, 2009
Two brothers and a married couple have been accused of running a mortgage fraud scheme that involved inflating the values of five homes in New Hampshire, effectively stealing $300,000 from the $1 million in loans submitted to big name lenders.
Paul Ryder, 27, Thomas Ryder, 30, owners of M & M Mortgage Consulting, and Maureen Blake and Frank Blake were indicted in connection with the fraudulent purchase of five properties. The Ryder brothers allegedly used the Blakes to purchase the properties.
The group submitted false information on the loan applications and also inflated the sales prices, after the closing they split up the proceeds of the overage. Lenders that were scammed include Countrywide Home Loans, Bear Stearns Residential Mortgage Corp., First Horizon Home Loan Corp and New York Mortgage Corp.
Three properties have already gone into foreclosure, while the remaining two are in the process. Trial is scheduled for the Ryders on March 3.
Read stories at Union Leader, Nashua Telegraph and The Eagle Tribune
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