Appraiser Pleads Guilty In Mortgage Fraud Scam

Appraiser Pleads Guilty In Mortgage Fraud Scam

Here’s a quote:

“Reck’s appraisals reported values that were often double that of the true market values of the properties. There were two main methods that Reck used to inflate the values of the properties. He typically “cherry-picked” comparables, meaning that when seeking properties purportedly comparable to the subject properties, he selected properties that were superior in location and condition, and often ignored truly comparable properties.”

“Reck’s second method was to overstate the conditions of the subject properties. By representing that the subject properties were in better condition than they actually were, Reck was able to compare subject properties to superior comparable properties as if they were truly comparable.”

“Judge Ambrose scheduled sentencing for Jan. 3, 2012. The law provides for a total sentence of 20 years in prison, a fine of $250,000, or both. Under the Federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offense and the criminal history, if any, of the defendant.”

http://mortgagefraudblog.com/perp-walk/item/14751-licensed-appraiser-pleads-guilty-in-mortgage-fraud-scheme

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