2 charged in $ 1.5M home-loan scheme
Article from Toledo Blade:

Published: Wednesday, 4/15/2015 – Updated: 16 hours ago

BLADE STAFF

A former Toledo real estate agent and a local mortgage broker have been indicted in U.S. District Court in a $ 1.5 million mortgage-fraud scheme.

Timothy R. Bradley, 40, now of Cary, N.C., and Martha Ednie, 53, of Toledo each were indicted on one count of conspiracy to commit bank fraud and multiple counts of bank fraud.

Four others, including Mr. Bradley’s parents and brother, previously were indicted on similar charges for their roles in a scheme in which fraudulent bank loans were obtained by concealing the true purchase price from lenders.

Federal investigators allege the true purchase price was contained in an addendum signed near the time of closing but concealed from lenders, resulting in loans between 82 percent and 135 percent of each home’s value based on the adjusted purchase price.

Mr. Bradley, who will be arraigned today in federal court, was listed as the real estate agent on the contracts, while Ms. Ednie, operator of Apex Mortgage Co., secured financing as the mortgage broker.

Federal prosecutors allege Mr. Bradley lured buyers by advertising the properties as good sources of rental income with the promise of cash back at closing.

Ms………………….continues on Toledo Blade

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Article from Economic Times:

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