NY AG Indicts 2 Attys Over $1M Mortgage Fraud Ring

Law360, Los Angeles (August 29, 2013, 4:01 PM EDT) -- New York Attorney General Eric T. Schneiderman has indicted two attorneys, an appraiser and two other individuals for allegedly exploiting first-time home buyers and institutional lenders in a mortgage fraud ring involving more than $1 million, the attorney general's office announced Thursday.

In the alleged scheme, the defendants advertised a rent-to-own opportunity in which first-time home buyers who had low credit were given the chance to own a home with no down payments or closing costs, the attorney general says.

The defendants then allegedly took out...
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