Five lose licenses in 'builder bailout' scheme

Group recruited straw buyers for 220 sales in Minnesota

Get smarter. Grow your referral network at Inman Connect San Francisco
Limited seating still available, July 17-20

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.