Another Mortgage Fraud Ring Busted
This isn’t the first mortgage fraud bust in Brooklyn and it won’t be the last, but it’s good to see some weight sentences getting thrown around. This case, reported by The Post today, involves all the usual suspects: a ring of lawyers, real estate brokers, mortgage brokers, title insurers and straw buyers got together to…
This isn’t the first mortgage fraud bust in Brooklyn and it won’t be the last, but it’s good to see some weight sentences getting thrown around. This case, reported by The Post today, involves all the usual suspects: a ring of lawyers, real estate brokers, mortgage brokers, title insurers and straw buyers got together to buy cheap properties in Brooklyn and Queens and then quickly flip them at inflated prices. The amount of fraud surpassed $10 million, with Lehman Brothers and a handful of lenders getting stuck with the bill. The ring leader, a 44-year-old lawyer named Anthony Onua, could face up to 30 years in prison.
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This posting fails to inform us what the crime was.
It appears that the crime was, in part, that the defendants “would draw up appraisals that vastly overestimated the true value of the homes and concocted phony title reports.”
Typical greedy scumbag lawyer.
Nothing new as they say.No one has does due diligence, most of all First American Title, they are known to guarantee bogus loans…
“Lehman Bros. is not stuck with the bill.”
But you are.
***Bid half off peak comps***
Ha! The whole goddamn market was and still is a fraud. Another hang and dry (big fish untouchable). You can thank these guys and the whole system for all the hot air still stuffed into near peak comps. Wait…shhhhh…what’s that sound? [Pffffff…] We have a slow leak!
Watch Obama sign the ‘Interstate Recognition of Notarizations Act’ into law to retroactively legalize notarization/affidavit fraud by the big banks so they can continue to mark saturated, non-performing mortgages on their books to fantasy and avoid devastating restitution to the bagholders they securitized to.
Mortgage fruad started at the top, not the bottom.
***Bid half off peak comps***
Lehman Bros. is not stuck with the bill.
Rob, I’m sure one rape or murder brings a longer average sentence than one count of mortgage fraud. But if there area a lot of counts, the combined sentence could add up. that said, note the phrase “could face upto” — an apples to apples comparison would be the statutory max for each crime, not the actual sentence, since that is what the paper is reporting.
“all the usual suspects: a ring of lawyers, real estate brokers, mortgage brokers, title insurers and straw buyers ” — say it isn’t so. These are all honorable professions.
You leave an increibly long paper trail with these type of transactions. Mr. Onua had to be a real bonehead if he thought he would not get caught.
quote:
The ring leader, a 44-year-old lawyer named Anthony Onua, could face up to 30 years in prison.
um what? so if you are shady house flipper you can go to jail for three times as long as you would for rape and murder? what’s wrong with this country.
*rob*