California Real Estate Fraud Report

You have just entered the #1 private-sector resource on the Internet for real estate fraud. In doing so, you have voluntarily left the dimension of the conventional real estate world and crossed over to the Dark Side, the realm where greed, dishonesty and evil are the order of the day. Sign up for a free subscription to this comprehensive news resource and receive weekly, timely news reports about real estate fraud, mortgage fraud, short sale fraud, REO fraud, title fraud, loan fraud, appraisal fraud, affinity fraud, loan modification scams, securities fraud and elder financial fraud.

16
Dec

Pakistani Natives Return to U.S. for Sentencing in Mortgage Fraud

A married couple that evaded prosecution for mortgage fraud voluntarily returned to the United States from their native Pakistan to face sentencing after pleading guilty to bank fraud.

Zahid Ali and Riffat Ali, formerly of San Jose, had been indicted by a federal grand jury in 1996.

The Alis had been accused of falsifying the loan application of a man to whom they sold their home, knowing that the man never would have otherwise qualified for a loan.

According to the indictment, the Alis scammed a bank out of nearly $439,000 by falsifying loan documents in order to sell their Bird Avenue residence to the unqualified buyer.

The straw buyer‘s application was submitted to a relative, Mujeebullah Mujahid Khan, who was a loan officer at Home Savings of America, the bank which was defraud. Khan pleaded guilty to bank fraud in 1997.

“They admitted that they knew that his income and assets would not qualify him for a loan if the loan application had contained a truthful explanation of his circumstances,” reads the FBI news release. “So they filled out a draft of the loan application that contained several falsehoods.”

Home Savings of America was bought by Great Western Savings, which was later acquired by Washington Mutual.

Read the original article in the San Jose Mercury News.

 

© Copyright 2007-2017 Monique Bryher

Legal Disclaimer.

The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

ALL RIGHTS RESERVED. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without written permission from the author, except for the inclusion of BRIEF QUOTATIONS in a review.

BLOG POWERED BY SHARP BIZ IMAGE

Copy Protected by Chetan's WP-Copyprotect.