NO MONEY DOWN — YOUR GOOD NAME IS YOUR CREDIT! For 3 years in Houston, Claymon Trammell pitched “an investment where the straw borrowers would not need any money down, would not be responsible for the monthly payments and would get money for the use of their name and credit.” Any takers? Sure: enough to allow Trammell, his wife, and daughter to swing “purchases” of more than 70 Houston-area homes — 17 in the name of a single repeat customer. There were payment defaults on every home, and most of them wound up in foreclosure, according to the feds. On Tuesday, the family of mortgage-loan officers from Manvel and Katy pled guilty together to conspiracy to commit wire fraud. [FBI]
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