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March 23, 2009
A subprime lender that was seized by the Office of Thrift Supervision last year realized another hit of half a million dollars due to mortgage fraud, as reported by MortgageDaily.com.
IndyMac Federal Bank FSB lost $500,000 in a mortgage fraud scheme that involved an appraiser, closing agent and the borrower. Two loans were secured with the lender for $885,000 with fabricated employment, income and residence information.
The borrower was a straw buyer who signed on the dotted line in exchange for a round-trip first-class airfare from Brooklyn to Houston, car service to the closing and back to the airport, and $10,000 in cash.
Officials said she never lived in the house or made a payment on the loans.
Read story at MortgageDaily.com
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