So This Is How Mortgage Fraud Works

From Bubble Markets Inventory Tracking

5 properties, each discovered and purchased by an associate to "The Family." Each then deeded to a member of "The Family." Each of the 5 properties are then sold to another member of "The Family" via non-MLS transactions. Following the "sales," the properties then go through first payment defaults and revert to the lenders as REO's. Along the way, the properties are rented to unsuspecting renters for some rent-skimming. Grand total profit for "The Family" with the 5 properties: $578,200.

The full story is here.