James buys a junk property for $200,000 and then re-sells it repeatedly in false sales transactions to other corporations that he owns for greatly inflated values until the last price is listed as $1,200,000
James then gets a large mortgage on the property of $1,000,000. James transfers $900,000 of this money to a foreign bank account and then stops making the mortgage payments soon after. This is an example of a mortgage fraud known as a(n)
A) Texas Two-step
B) Ponzi Scheme
C) Oklahoma Flip
D) Triple Take
E) Mortgage Maze
A
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