Register Real Estate Advisors » flipping scheme http://rrea.com Specializing in Houston and Northern Suburbs - The Woodlands, Spring, Tomball, Cypress, and Houston, Texas Wed, 23 May 2012 17:57:02 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 22 Indicted in ‘Flipping’ Scheme http://rrea.com/news/22-indicted-in-flipping-scheme/ http://rrea.com/news/22-indicted-in-flipping-scheme/#comments Sun, 20 Jun 2010 19:15:25 +0000 Shannon Register, Broker/Owner http://rrea.com/?p=4015 SAN ANTONIO (San Antonio Express-News) – A federal grand jury in San Antonio has indicted 22 people on charges that they engaged in a “flipping” scheme intended to bilk lenders out of $50 million.
According to the indictment, between May 17, 2005, and Feb. 21, 2008, Robert Brooks of Dallas bought properties at or around market value and then offered people $10,000 to $25,000 to act as straw buyers who would purchase the homes at inflated prices.
With the help of appraisers, title officers, escrow officers, mortgage processors and others, Brooks then allegedly obtained mortgage loans for those buyers using falsified documents. A year later, he let those mortgages go into default, according to the indictment.
The defendants will serve up to 30 years in prison if convicted of the charges.

Many of the homes listed in the case are condominiums in the Dallas area.
The case is part of a nationwide sweep called Operation Stolen Dreams.

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