Wednesday, September 30, 2009

Are you kidding me?

An attorney in Somerville, Massechu, Masatchus, Massechuset, Massachusetts came up with a new one. He kept getting new mortgages without paying off his old ones. It appears he had four mortgages on one property, three on another, two on another. These were not second or home equity mortgages. He was directed by the lenders to pay off the previous mortgages. He just didn't. Apparently he kept the money for his own purposes. It took some time for the lenders to catch on, since it was making his payments on time. It took a Fannie Mae database search to uncover the frauds. He failed to disclose some of these additional loans on his loan applications. They even got the Postal Inspector in on this one. He plead guilty to eight counts of Larceny and seven counts of Willfully Making a False Statement Regarding Financial Condition or Assets.

Doesn't it seem to be pretty simple math that making QUADRUPLE house payments eventually is going to catch up to you?

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