Minnesota mortgage fraud

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We haven’t seen this very often. An agent from Rosemount was sentenced to 3 years probation for fraud in the sale of houses, mostly in North Mineapolis. He was aparently invloved with 2 other men who owned a Roseville real estate company.

 

His part of the fraud? He agreed to close on up to 175 houses when he knew that many of the applications submitted for loans were fraudulent.

 

I would imagine if every mortgage broker in the US who pushed through loan applications knowing or suspecting the information contained in thoses applications was false were sent to jail, we would need to build a LOT of new jails to house them all.

 

Unfortunately only a very few who were responsible for the mess we are in will ever receive any punishment at all for their abuses.

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