Tuesday, May 1, 2007

The final straw

So people apparently are selling their identities to mortgage brokers and moving to foreign countries:

Last week, the FBI arrested 10 people with ties to a Bangladeshi community in Queens who allegedly conspired to create a pyramid scheme in which they purchased the identities of immigrants who were leaving New York to move back to Bangladesh, according to FBI officials. The price was usually about $5,000, the officials said.

FBI Arrests 10 in Queens In Mortgage Fraud Scheme

The agency has charged three principals in a brokerage group, New Generation Funding, with using the purchased identities as "straw buyers" to obtain financing for the purchase of homes. By selling the properties among the "straw buyers," and raising their value through fraudulently inflated appraisals, the defendants were allegedly able to pocket about $100,000 on each property.


Anonymous said...

Are these "Banglas" some of Susan Meiklejohn's friends from Sunnyside Gardens?

Anonymous said...

Even worse, what is Congressman Ackerman doing to introduce legislation to stop this?

One thing is for certain, his newspaper will censure this from the American public.

Nice move for a public servant at the national level, don't you think?

(Hey Carolyn, we havn't forgotton you, but, as we all know, your Queens section is an 'also'.)