Selecting an attorney for legal cases is a very important decision. Please enter your information below to receive a Free Consultation from an attorney in your area:
Consumer Law News
Leader Of Scam That Targeted Homeowners In Default Pleads Guilty To Fraud, Money Laundering Charges
A Downey resident pleaded guilty today to federal fraud and money laundering charges, admitting her role in a $12 million real estate fraud scheme that targeted homeowners in default on their mortgages and falsely promised them help.
Martha Rodriguez, 35, pleaded guilty this morning in United States District Court in Los Angeles to one count of mail fraud and one count of money laundering in relation to the scheme that ran from May 2003 until November 2005.
By pleading guilty, Rodriguez admitted that she and several co-schemers located victim homeowners through computerized databases that list homes going into foreclosure. Rodriguez promised victim homeowners that their homes would get refinanced. However, instead of obtaining refinancing, Rodriguez and the other defendants charged in this case submitted loan applications in the names of "straw buyers" who were purportedly buying the property. In some cases, the straw buyers were paid for the use of their personal information. In other cases, the defendants used personal information of people without their knowledge. The loan applications for the straw buyers – which always contained false information – caused a series of lenders to fund mortgages. The loan proceeds were used to pay off the loan in default, and the remaining proceeds were skimmed off by Rodriguez and her co-schemers.
Even though they were promised that they would keep their homes, the victim homeowners lost title to their homes. The lenders suffered losses when the straw buyers failed to make loan payments and the second loans went into default. The scheme targeted commercial lenders and more than 100 homeowners across the Southland.Read more at usdoj.gov.
Definition:
The party to whom the item is leased. In a consumer lease, the lessee is you, the consumer. The lessee is required to make payments and to meet other obligations specified in the lease agreement.
Residual Value
Definition:
The end-of-term value of the item established at the beginning of the lease and used in calculating your base monthly payment. The residual value is deducted from the adjusted capitalized cost to determine the depreciation and any amortized amounts. It is an estimate that may be determined in part by using residual value guidebooks. The residual value may be higher or lower than the realized value at the scheduled end of the lease.
CPSC
Definition:
The U.S. Consumer Product Safety Commission, a Federal Government regulatory agency The U.S. Consumer Product Safety Commission is charged with protecting the public from unreasonable risks of serious injury or death from more than 15,000 types of consumer products
If you live in the following cities and need an Consumer-Law attorney you should contact
our Consumer-Law Attorney as soon as possible:
Andover
Anoka
Austin
Bemidji
Brainerd
Burnsville
Circle Pines
Cottage Grove
Eden Prairie
Elk River
Faribault
Hastings
Lakeville
Mankato
Minneapolis
Moorhead
Osseo
Owatonna
Rochester
Saint Cloud
Saint Paul
Stillwater
Winona
Legal Disclaimers All attorney listings are a paid attorney advertisement, and do not in any way constitute a referral or endorsement by an approved or authorized lawyer referral service. The information provided on Minnesota Consumer Lawyers.com is not intended to be legal advice, but merely conveys
general information related to legal issues commonly encountered. Your access
to and use of this website is subject to additional Terms
and Conditions.
Local Professional? Generate new business today
Call 866-227-9356 or contact a sales rep
Did You Know?