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March 13, 2009
A father and son have been accused of running a mortgage fraud scheme. The pair was allegedly using falsified appraisals to bump up values, selling the homes to straw buyers while stripping the equity from homes they were renting out and then letting them fall into foreclosure.
Martin Gendel, a disbarred lawyer from New Jersey and his son, Seth Gendel, from New York City, have been charged with racketeering after using stolen credit information to obtain fraudulent mortgage loans and then flipping the homes.
Gendel and son, who did business under the name of Casey Properties, reportedly said they would maintain the properties and manage the rentals. However, some of the homes were so dilapidated that they were declared uninhabitable and renters ended up homeless -- other properties fell into foreclosure. The case involves 32 investors and 63 properties that sold for a total of $18 million.
Find out more at The Daily Record
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