Reply #21: Fake credit reports fed Lee’s Summit mortgage fraud, authorities say

[Roland99]

Fake credit reports fed Lee’s Summit mortgage fraud, authorities say
http://www.kansascity.com/2010/08/04/2129069/fake-credit-reports-fed-lees-summit.html

A federal grand jury has indicted two people in a large-scale scheme to buy expensive houses in Lee’s Summit by utilizing phony credit reports.

The indictment returned Wednesday in Kansas City charges a California real estate agent and a Florida businessman with concocting the scheme with several others, including two Kansas City-area men, to falsely obtain more than $2.7 million in mortgage loans.

False information was provided to mortgage lenders to obtain loans to buy six residential properties in Lee’s Summit ranging in price from $410,000 to more than $600,000, according to the indictment.

Federal prosecutors say it is a local example of such credit report fraud that is an emerging criminal trend around the country.