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Man pleads guilty to scheme that cheated mortgage lenders out of more than $10M

A Piscataway man who owned and ran foreclosure-rescue companies pleaded guilty to his role in a mortgage-fraud scheme that cheated mortgage lenders out of more than $10 million, federal authorities said. Ronald Harris Jr., 41, pleaded guilty before U.S. Magistrate Judge Patty Schwartz in Newark to a one count each of conspiracy to commit wire fraud and conspiracy to commit money laundering, said U.S. Attorney Paul J. Fishman.

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Introduction  As part of our ongoing discussion on the concept of movement in the mortgage industry, it is readily apparent that the failure of mortgage companies to pivot or tweak their business models to satisfy changing market and other conditions has resulted in consolidation based on liquidity, buyback, financial and other concerns.  Regardless of whether […]

3d rendering of a row of luxury townhouses along a street

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