1-year sentence for Dearborn appraiser in mortgage fraud

[Bozita]

Source: Detroit Free Press

1-year sentence for Dearborn appraiser in mortgage fraud
BY BEN SCHMITT • FREE PRESS STAFF WRITER • MARCH 18, 2009


A 25-year-old Dearborn real estate appraiser was sentenced to a year in prison Tuesday in connection with his role in a multimillion-dollar mortgage fraud scheme.

Ali Haidous admitted to inflating appraisals in a scheme involving 16 properties in Detroit, Dearborn and Dearborn Heights. Mortgages totaling $1.9 million were issued on the properties between 2005 and 2008. He pleaded guilty Oct. 25 in U.S. District Court in Detroit to conspiracy to commit bank fraud.

Haidous prepared the appraisals for codefendant Hassan Nagi, 30, a mortgage broker from Dearborn Heights, who used the fraudulent appraisals to submit false applications to obtain the mortgages for straw buyers. Nagi pleaded guilty Dec. 15 to conspiracy to commit bank fraud and will be sentenced April 16.

"Mortgage fraud is touching the lives of far too many Americans," U.S. Attorney Terrence Berg said Tuesday.

Read more: http://www.freep.com/article/20090318/NEWS01/903180371/1003/NEWS/1-year+sentence+for+Dearborn+appraiser+in+mortgage+fraud

[DemWynner]

1. Detroit really did not need this

Mortgage fraud is very serious as it not only affects the victims, but the house values. They should have made examples of them. 1 year is not enough for this.

[tomm2thumbs]

2. I agree - one year is nothing. Hopefully each of the 365 days is progressively worse

At least he'll have meals and a place to stay, unlike his victims

[BumRushDaShow]

3. I bet there are thousands of these types of folks out there

The housing prices almost everywhere shot up so ridiculously high on inflated appraisals and flipping... and now the chickens come home to roost.