Deborah Kolodner, 49, Baltimore MD was sentenced to one year and one day in prison followed by three years of supervised release plus $119,000 in restitution for utilizing straw buyers in a mortgage scheme. Allegations were that she and her co-schemer Karl Johnson operated a flipping and chunking scheme. They purchased properties in Baltimore MD, Towson MD and Myrtle Beach SC in the names of straw buyers, using straw buyers to obtain mortgages and then flipping the properties to third parties. Kolodner agreed to manage the properties which the borrowers purchased as rentals, rent the properties out and pay the mortgage payments from the rents. False statments were made to mortgage lenders regarding down payments and borrower financial information.
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Deborah Kolodner, Maryland
Thursday, September 02 2004 05:16
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Rachel Dollar, the editor of Mortgage Fraud Blog is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors.
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