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'via Blog this'Hairston conspired with others in a scheme to falsify mortgage-loan applications to cause banks to provide loans to unqualified straw purchasers for homes whose values were grossly inflated, according to the statement. The co-conspirators then would steal loan proceeds by diverting them at closing, according to the statement. A straw purchaser is a person who makes a purchase on behalf of another person.
While serving as a settlement agent for four real estate closings involving a total of $1,051,804 in loans, Hairston admitted she diverted loan proceeds to other members of the conspiracy and covered up the thefts by submitting fraudulent HUD settlement statements, according to the statement.
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