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.
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With rapid change in the industry, real estate agents can choose to fight for the status quo or they can evolve and adapt, HousingWire Columnist Dustin Brohm writes.
Last December, home prices climbed by 4% from the previous year, according to CoreLogic. By the end of this year, the company projects they’ll increase by 5.2%.