Okay, this story just keeps a’comin’. Federal prosecutors in Sacramento have announced yet another massive mortgage fraud scheme operating in Southern California. This time, the alleged scammers deployed a “foreclosure rescue scam,” in which they suckered people into giving title of the house to a straw buyer, who borrowed against the increased equity and gave to the scammers for a fee. The con men allegedly pocketed the money and walked away. According to the Los Angeles Times, the culprits allegedly did this more than one hundred times and snagged roughly $12.6 million. That’s a spicy meatball!
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