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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: regli who wrote (57215)9/28/2006 4:08:19 AM
From: mishedlo  Read Replies (1) of 116555
 
Town's Residents Say They Were
Targets of Big Mortgage Fraud
By JAMES R. HAGERTY and MICHAEL HUDSON
September 28, 2006; Page A1

MARTINSVILLE, Va. -- Federal and state authorities are investigating allegations of an elaborate mortgage fraud involving about 100 people living in or near this small factory town who say they unwittingly took out loans to buy houses at inflated prices in Indiana.

The borrowers, who include truck drivers, factory workers, a pastor and a hair stylist, say they were duped by acquaintances into signing stacks of documents and didn't know they were applying for loans. Instead, they thought they were joining a risk-free "investment group."

Now, many of the loans are in default, the borrowers' credit ratings are in ruins, and lenders are pursuing the organizers of the purported investment group in court. Companies stuck with the defaulting loans include Countrywide Financial Corp., the nation's largest home lender, and Argent Mortgage Co., another big lender.
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