Here it comes, the tip of the iceberg . . .
From the Washington Post:
The FBI this month launched a mortgage fraud task force, gathering federal prosecutors and law enforcement officials from Prince William, Loudoun and Fairfax counties to map out a strategy to tackle the issue region-wide. One of the federal investigations is centered on Rippon Landing, according to Steve Durst, a U.S. Postal Inspection Service spokesman for the D.C. division, whose agency investigates mortgage fraud because it involves use of the mail. Durst declined to elaborate.When researching same-house sales, if I see an above-market price that followed a prior sale within months, I check the tax assessment for some extra help. I usually post the earlier sale which was more in line with comps.
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According to land and real estate records, Zak Ahmadzada, a mortgage broker with American Affordable Homes in McLean, and Khalid Mirza, a real estate agent with Re/Max Champions in McLean, were involved in many of the transactions.
Land records show that Ahmadzada bought three townhouses in the Villages at Rippon Landing in 2006 and 2007 for prices ranging from $418,550 to $439,615. He sold two of them months later for $570,000 and a third for $585,000. Some investors said Ahmadzada arranged for buyers' loans for several townhouses at the higher prices, with no down payments and 100 percent financing.
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Another investor, Wayne A. Lee, bought four townhouses in the subdivision in late 2006 for $570,000 and a fifth for $580,000. Two of those properties were purchased from Zak Ahmadzada, who paid $418,550 and $426,700 just months before, according to land records.
Today, three of Lee's homes are in foreclosure and listed for sale for less than $350,000. Lee declined comment Friday on the advice of his lawyer.