Prosecutors crackdown on alleged mortgage scam - New York News

Prosecutors crackdown on alleged mortgage scam

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REDFORD, Mich. (WJBK) -

Wayne County investigators have been working hard, exposing a massive mortgage fraud scam.

Wayne County Prosecutor Kym L. Worthy, Wayne County Register of Deeds, Bernard J. Youngblood, Wayne County Sheriff Benny N. Napoleon, Federal Housing Finance Agency Deputy Inspector General, Michael Stephens and FBI Special Agent in Charge, Robert D. Foley, III, are charging Samer Salami in a real estate fraud scheme.

This is the first time in history a state prosecution of this magnitude and nature has taken place. Salami is accused of defrauding Fannie Mae and Freddie Mac out of 448 thousand dollars.

Investigators say he was a broker for both Mae and Mac from 2007 to 2010 and is a real estate broker for Villa Reality and also owns a company called trademark Assets. Salami was supposed to get the highest offers and forward those to Fannie Mae and Freddie Mac. The prosecutor alleges he was conducting a criminal enterprise where he would list the property without saying it was Mae or Mac property. Prosecutors says once he got the offer from the buyer, he would allegedly place an offer for less than the buyer offered. He is accused of then pocketing the difference.

The investigation alleges he would get double commission. Salami is being arraigned at 1 p.m. at 17th district court in Redford.

Seven counts are being filed from Fannie Mae and another five from Freddie Mac. Charges include running a criminal enterprise and embezzlement. 160 years of jail time: maximum penalty.

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