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D.C. Gets Hit with Multimillion-Dollar Fraud
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February 11, 2009
One of several individuals charged with mortgage fraud has pleaded guilty to a real estate scheme that involved 25 properties in the Washington, D.C. of which most fell into foreclosure.
Sabrina Weinberg, pleaded guilty to buying seven of the aforementioned properties in 2006 obtaining $4.6 million in mortgage loans using fraudulent loan documentation. Two others have been charged for their roles in the scheme, Terrence White and Timothy Reed, and four others are charged but remain unnamed.
White and Reed are accused of recruiting straw buyers and paying them $10,000 per property.
Read story at The DC Examiner
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