Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

A real estate agent and two former loan officers are among 17 defendants indicted by a federal grand jury for their alleged roles in a $12.6 million mortgage fraud scheme involving 25 residential properties in Missouri. Real estate agent Angela R. Clark and former mortgage loan officers Cynthia D. Jordan and Stefan M. Guerra are accused of conspiring with 14 property buyers to submit false information to mortgage lenders in order to purchase homes at inflated prices and pocket extra proceeds. The buyers, who included six California residents, allegedly created shell companies to receive kickbacks of $60,000 to $125,000 per house from builder Jerry Emerick, doing business as Ty Construction and Residential Contracting LLC. Lenders approved 25 loans totaling $12.6 million from Jun...