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March 16, 2009
A mortgage broker and a homeowner will be the first two to be arrested and charged with a mortgage fraud crime under a new fraud prevention law passed in 2007.
North Carolina residents Sherman Leon Simmons, 43, and Mary Chambers Minor, 53, were charged with obtaining property by false pretense and residential mortgage fraud. Simmons, an independent mortgage broker assisted homeowner Minor in taking out a $62,000 loan against Minor's home. Instead of paying off debts Minor owed, they pocketed the money.
The pair were being held on $1,500 bond each.
Find out more at WXII 12 News
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