"The nation's largest home lender, Countrywide Financial (CFC), is suing an Indianapolis man for allegedly orchestrating a mortgage fraud scheme in which dozens of Virginia residents were tricked into buying homes in Indiana at inflated prices.
The company alleges that Robert Penn worked with relatives in Virginia and associates that included appraisers and mortgage companies to defraud the victims in a case that could total about $80 million in loans.
In a lawsuit filed in Marion County, where most of the Indianapolis-area properties are located, Countrywide claims the defendants duped their victims by inviting them to take part in either an 'investment opportunity' or a 'real estate investment club.'
The victims were not required to make down payments or cash contributions."
Friday, September 29, 2006
Lawsuit says dozens defrauded in Indiana real estate case
USATODAY.com - Lawsuit says dozens defrauded in Indiana real estate case:
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