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January 19, 2009
A Tarrant County prosecutor described the recent influx of mortgage fraud in the Texas county as a tsunami of mortgage fraud. Just three years ago, mortgage fraud was a rarity, now they said the county is flooded with mortgage fraud.
More than $42 million in mortgage scams have been identified in Tarrant County. Texas, however, isn’t considered to have a significant problem with mortgage fraud, according to the FBI.
Last year an underwriter discovered that a borrower had whited out names on financial documents and inserted his own in order to qualify for a $650,000 purchase. Stephen B. Jones was prosecuted and sentenced to 45 years in prison.
Read story at Star-Telegram
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