Industry NewsMortgage

Five lose licenses in ‘builder bailout’ scheme

Group recruited straw buyers for 220 sales in Minnesota
Published on May 12, 2009

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A mortgage originator is accused by Minnesota authorities of recruiting straw buyers in a "builder bailout" scheme involving the purchase of about 220 new homes at "substantially above" market value in the state's fast-growing areas including St. Cloud, Eagan, Rochester and Otsego.

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