Broker’s Worst Nightmare

By Jack Barry • April 11th, 2011
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from the RE Insider

The FBI and the Department of Housing and Urban Development (HUD) investigated a fraud scheme that defrauded lenders of more than $20,000,000.  As a result, ten people have been indicted. The indictment focused on David Marshal Crisp and Carlyle Lee Cole who owned and operated Crisp and Cole Real Estate. Along with another eight individuals, Crisp and Cole obtained real estate loans for borrowers by making false statements about their income, assets, employment and their intent to occupy those properties as their primary residence.

How many brokers do you know that have “helped” a borrower qualify – 1 out of 10, 9 out of 10 or none at all?  Unfortunately while it is unusual that the FBI and HUD get involved, this is old news when it relates to some brokers and some agents taking walks outside of the law.

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