Posted by Charm_AL on 8/4/05 3:52pm
Msg #56981
classic example of predatory lending...
taken from the NSA Today
Two employees of Ameriquest Mortgage in Kansas City, Missouri, pleaded guilty to defrauding approx $4 million through fraudulent loan applications. They admitted to inducing investors to obtain loans to purchase real estate by promising to provide renters and buyers, and claiming that investors would pay no money and receive fees or profit percentages. The pair submitted falsified loan applications to assist in the scheme. They each face maximum sentences of 15 years in Federal prison and fines of up to $500,000.
good!
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