Three lawyers were among 10 people named in an indictment that accuses the defendants of conspiring in a $10m mortgage fraud, prosecutors in Brooklyn, New York said. Akin Ayorinde, a Brooklyn lawyer, and nine others were charged in a scheme that ran between January 2005 and May 2007, prosecutors in the office of Brooklyn U.S. Attorney Benton Campbell said. Two licensed real-estate brokers were also charged, according to the indictment unsealed today. The defendants falsified mortgage loan applications, appraisals, title reports and other documents to make straw buyers whom they recruited appear more creditworthy on their applications, prosecutors said.
Most Popular Articles
The average U.S. rate for a 30-year fixed mortgage fell to 3.33% this week, according to Freddie Mac, as the Federal Reserve’s bond-buying program created demand for securities backed by home loans.
The top 50 most vulnerable housing markets include four in New York, three in Connecticut, 10 from Florida, only two between California and the Southwest.