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Daily Real Estate News  |  July 12, 2005  |   Colo.: 3 Indicted in Home-Loan Forgery Scheme The district attorney in Jefferson County, Colo., has indicted former RE/MAX 100 real estate professional Ricardo Medina and independent loan officers Nancy Rios and Perla Alvarado on charges of forgery, theft, and conspiracy under the Colorado Organized Crime Control Act. The charges stem from their involvement in a scheme that provided $6.5 million in federally insured home loans to undocumented Hispanics. Medina is accused of targeting Hispanics who would not have qualified otherwise and then working with Rios and Alvarado to forge documents such as loan applications, credit letters, check analyses, W-2 employment forms, utility bills, and employment verification letters in order to secure loans backed by the Federal Housing Administration for applicants. "They didn't even have to come up with any money," says Scott Storey, Jefferson County District Attorney, adding that some of the loans went into default. Doug Anderson, president of Washington Park Mortgage in Denver and former president of the Colorado Association of Mortgage Brokers, says loan fraud remains a problem because the state does not require licensing for mortgage brokers.

Source: Denver Post (07/12/05); Wehner, Ross

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