10 Charged in $40 Million in Shore Property, Mortgage Fraud Scheme

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Authorities have charged 10 Jersey residents for their alleged participation in a $40 million mortgage fraud scheme involving properties down the Shore and resorts in South Carolina and Georgia. Federal officials allege that those involved falsified documents to help straw buyers appear more credit-worthy than they actually were, then took a portion of the loan proceeds. [Philly.com]

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