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March 2, 2009
The man who pleaded guilty to participating in a $27 million mortgage fraud scheme leaves behind at least 18 homes that have defaulted. The Seattle Times takes an inside look at how he perpetrated the fraud over a period of at least a year.
Christopher Brooks had, in one case, applied for a $525,000 loan from BNC Mortgage in the name of a straw buyer. The loan defaulted and now the home sits for sale at $399,900. Brooks pleaded guilty to committing wire fraud relating to 18 fraudulent loan applications. The 18 subsequent foreclosures have resulted in a loss to the lenders of more than $2 million.
Brooks and his wife recruited straw buyers to help them purchase properties that had inflated sales prices. Brooks submitted fraudulent loan applications in the buyers' names, let the loans default and ruined their credit. Officials said some of the buyers were not aware of the magnitude of the fraud.
Lenders that were duped included Countrywide Home Loans, Long Beach Mortgage, BNC Mortgage and Argent.
Read story at The Seattle Times
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