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Equity Skimmer Pleads Guilty in New York

Monday, January 17 2005 03:54
Equity Skimmer Pleads Guilty in New York
Diverted Rents on HUD and FHA Loans

Edwin "Andy" Kane, 68, real estate broker, Rochester, New York, plead guilty to "equity skimming" — collecting rent but failing to pay mortgages. Kane used his business, Hacienda Holding Corp., to purchase homes by fraudulently assuming mortgages guaranteed by FHA and HUD. He admitted that he transferred deeds with false signatures and gave false Social Security numbers and addresses to mortgage holders of more than 20 properties from 1996 to 2003. He then rented the homes and collected the rent for himself, Hacienda Holding Corp., Allstate Rental Corp. or Andy Kane Realty. Within a couple of months, he would transfer the homes to third parties who he knew could not pay the mortgages without the rental income. Kane would continue to collect the rents and when the homes went into default, he would not show as record title holder. He will be sentenced April 19, 2005.

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Rachel Dollar 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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