Mortgage Fraud Scheme Admited by New Jersey Man
NEWARK, N.J. - A New Jersey man has pleaded guilty in a mortgage fraud and property-flipping scheme involving rental properties in Paterson.
At his plea hearing Tuesday in federal court in Newark, 47-year-old Renford Davis of Paterson admitted conspiring with several co-defendants by recruiting borrowers to purchase two- and three-family homes in Paterson and providing false verifications to help them qualify for mortgage loans.
Prosecutors say Davis and others received substantial portions of the fraudulent loan proceeds after the closings.
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