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Behemoth Fraud Investigation Continues
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December 9, 2008
Yesterday it was reported that an alleged major player in the $550 billion mortgage fraud scheme that sent Orson Benn and seven others to prison wasn’t being investigated. Today, however, the tides are turning.
Yvette Valdes’ association with Orson Benn is now under scrutiny as detectives begin examining Valdes’ mortgage records. The Miami Herald reported that 103 loans they reviewed of $20 million in mortgage applications and documents contained red flags such as non-existent employers, inflated income and sudden increases in borrower net worth. All the loans have fallen into foreclosure.
Valdes now operates Best Mortgage Choice and her attorney said she “has committed no criminal act.” She had initially spoken with investigators on the condition of immunity in spring 2006, reportedly admitting she was submitting applications on behalf of a broker that had been banned from Argent for submitting fraudulent loans.
Read story at The Miami Herald
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