To: GraceZ who wrote (21316 ) 6/4/2004 10:09:18 AM From: X Y Zebra Respond to well, well...In mortgage flipping schemes, investors buy rundown homes, then turn around and sell them at inflated prices to low-income buyers. Chase's title companies closed settlements for Hammond without the borrower producing the necessary funds. attorney for both title companies, helped Hammond skirt requirements that the seller hold title to property for six months before a lender would make a mortgage loan, the government said. Appraiser Christopher Francis testified at trial that he inflated values of properties he appraised for Hammond. Hammond paid David Allen Ulrich to recruit borrowers from northern Virginia, the government said. Some lenders did not foreclose on the loans because the properties would not support the costs of foreclosure, the government said. Mortgage lenders lost $4 million in the scheme. DUH!
