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Mortgage Fraud

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Posted: 8:36 AM Aug 9, 2008
Last Updated: 8:36 AM Aug 9, 2008
Reporter: AP

2 comments

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ATLANTA (AP) -- A Detroit man has been sentenced to 10 years in federal prison for his part in a mortgage fraud scheme in the Atlanta area in 2001 and 2002.
U.S. District Judge Thomas Thrash also ordered 42-year-old Riley Graham to pay 670,000 dollars in restitution to lenders who were swindled.
Graham has also been sentenced to 20 years for participating in a Michigan drug ring. He was convicted February 13 of conspiracy, mail fraud, wire fraud and money laundering.
Prosecutors say Graham and a partner fraudulently obtained a 1.3 million-dollar loan to buy lots, and assisted in the sale of houses to "straw buyers" based on falsely inflated prices.

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Comments are posted from viewers like you and do not always reflect the views of this station.

Posted by: bill Location: jackson. on Aug 11, 2008 at 08:19 AM
Housing fraud was done to many and by many.Realastate people pushed them sales as many got suckered into deals.But were not really deals.Oil companies sure made there money and got away with way to much,hurting the economy and bringing many jobs to a close and many lost jobs.Even the big car companies got hit hard.Oil prices raised many prices as people just can't make it.lost so much.No one can stop the oil companies and surely bush didn't want to as his family and friends were so invested.Owned so much oil land.Now many in N Dakota find oil and become rich as many all over the usa.Many millionairs were made.Money taking care of money.Sure look at the tax money the government collects off the rich,But are given large tax breaks.If something is in demand and needed,It costs.Pay or don't have.Should be against the law but isn't.Housing suffers now.Many got away with too much.Names are not comming out but money was made over and over.Same with oil prices.Many will not pay for their crime.

Posted by: Kristina Location: Okemos on Aug 9, 2008 at 05:09 PM
I wonder if the partner not mentioned was scott day working for coldwell bankers and wells fargo. he told us we could afford a $130,000 home and he would refinance us after one year. We struggled through the first year then he told us we didn't have enough equity to refinance. We would not have bought the house if we saw that coming. We were first time buyers and had to forclose on the house. We will never buy another house.

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