ATTORNEY GENERAL INDICTS FRAUD SCHEME TARGETING DISTRESSED HOMEOWNERS

DENVER – November 18, 2013 – (RealEstateRama) — The Statewide Grand Jury indicted nine individuals for targeting distressed homeowners as part of a fraudulent short-sale scheme that allowed the defendants to ultimately defraud the banks and lenders who held the mortgages for the distressed homeowners. The announcement was made today by Colorado Attorney General John Suthers; Ronald Sloan, Director of Colorado Bureau of Investigation (CBI); Inspector General David Montoya of the U.S. Department of Housing and Urban Development-Office of Inspector General (U.S. HUD-OIG); Acting Inspector General Michael P. Stephens of the U.S. Federal Housing Finance Agency-Office of Inspector General (U.S. FHFA-OIG), and Marcia Waters, Division Director of the Colorado Division of Real Estate