Foreclosure Lapses Lead To Arrest Of Criminals
Response to arrest of criminals for foreclosure lapses was angry although laced with relief. Each individual has a heart-rending story to narrate.
A strange twist of fate made Nadine a single mother with her income reduced to half. As a cosmetologist her salary hardly allowed her to meet her bare survival expenses and pay her mortgage dues as well. She looked at her 9 year old daughter and 73-year-old mother and needed some time to think. After 14 years the income had suddenly been halved.
Joy Jackson who was a realtor came to her as her apparent saviour. She did her transactions from Metropolitan Money Store in Lanham. It was replete with smart offices where clients were entertained on plush sofas given promises about warding off REO foreclosures. Bostic’s nightmare started from here. Jackson was formerly a stripper using the pseudonym of Night Rider. She was arrested along with seven others. The federal grand jury had indicted them of having milked more than 100 house owners in a foreclosure related fraud scheme. They had siphoned off over $35 million and caused many to lose their houses. It is believed that in Maryland’s history this is the biggest fraud case of its kind. Many were hurt. Bostic is angry saying that she never ever had wanted anybody to be in jail but this time she feels they should be behind bars. If proved guilty the accused would be sentenced to 30 years in jail on 15 counts. Bostic feels that even this is too lenient for them.
The accused also face charges of conspiracy. Five are said to have laundered money. The prosecutors are expected to arrest them as the investigation proceeds. The news of the arrests surprised many and made them happy.
Temporarily Bostic has a house to live in but the deed is no longer in her name but that of a ‘straw buyer’. The latter was a stooge of Metropolitan Money Store. The gang had forged the signature of Bostic to cash a cheque of $67,000 that was meant to reach her but it never did.
In similar manner the group had milked house owners of millions of dollars and vanishing equity. These families were facing immediately foreclosure and fell for their sweet talk. For quite sometime the feds and local authorities were digging up the background nefarious activities of Jackson and her husband Kurt Fordham acting in conjunction with some others.
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