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Massive Straw Buying Scheme Explained
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April 15, 2009
A 50-year-old man is accused of convincing about two dozen people to lend him their credit to purchase 81 condo conversions. As the accusations fly, 74 of the properties have fallen into the first stage of foreclosure.
Jim McConville's name might be a foretelling one. He is accused of conning many people and lenders into funding a massive mortgage fraud scheme. McConville reportedly would make his pitch to a living room full of potential investors, offering them $10,000 to use their good credit. He promised to make the mortgage payments, and handles leasing out the condos.
Both All American Finance and Pacific Residential Financing said they were tricked into making loans in the scheme and are now questioning the appraisals that may have been inflated to more than $300,000. The publication handling the investigation says McConville inflated the appraisals to cover the costs of paying the developer and still walked away with about $12.5 million.
Read story at Voices of San Diego
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