Make me an offer I

Make me an offer I can't refuse So your house has been sitting on the market for 18 months, you've knocked $150,000 off the purchase price, but nobody's biting at $699,950. Then somebody comes along and says they'll give you $707,000 -- as long as you sign a closing document that lists the sale price as $1.2 million. What do you do?

Let's hear from Bradley J. Schlozman, United States Attorney for the Western District of Missouri, who just persuaded a federal grand jury to indict 11 people for their alleged participation in the deal described above. According to the indictment, this was a classic case of mortgage fraud, involving collusion between a real estate agent, appraiser, loan officer and straw borrowers to land a seven-figure loan (see Inman News story).

Now let's hear from (indicted) homeowners Katheryn Shields (pictured) and her husband Phillip Cardarella. Shields, a prominent local politician who has been planning to run for mayor of Kansas City, says she's the target of a political witch hunt. Videos courtesy of the Kansas City Star.

And it seems like just yesterday that Schlozman was announcing the indictment of Kansas City Councilwoman Saundra McFadden-Weaver and two others in another (unrelated) alleged mortgage fraud scheme.
--Matt Carter, Inman News

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