Wilbert Brodie, real estate developer, Mount Rainier, Maryland was convicted of conspiracy and wire fraud in connection with a mortgage fraud operation in the Washington D.C. area that resutled in losses of over $850,000 to lenders.
Brodie was accused of buying nine distressed properties using inflated appraisals to obtain overvalued loans. He spent the money and defaulted on the loans.
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.