Mortgage industry waking up to fraud: Collaboration increasing to combat illegal schemes Flipped out

When the U.S. Attorney's Office in late January announced a 101-count indictment in a mortgage fraud scheme, it closed a year-long investigation into a ring that involved 10 people and 43 houses in Indianapolis, Marion and Fairmount. For the individuals involved, the indictments could bring prison time and hefty fines. But for the bank that loaned money on the houses, the scheme signaled the end of the road. The lender, Louisville-based First Bank Inc., struggled during 2003 and 2004 to...

 

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