Foreclosure fraud

    In yet another possible instance of foreclosure fraud, the US Attorney has just unsealed an indictment against mortgage broker Anthony J. DeMarco III and his two Philadelphia real estate companies with a mortgage fraud scheme involving “more than 30 million dollars in loans.”  DeMarco and several co-defendants with conspiracy, wire, mail, and bank fraud and money laundering.

    The indictment, accompanied by a civil complaint, alleges DeMarco’s companies used fraudulent documents to obtain mortgage loans from lenders and steal the equity in the homes.

    ProPublica has a new story this week on the Philadelphia law firm that may have signed off on mortgages illegally.

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