A Fridley man pleaded guilty Tuesday to purchasing Twin Cities properties at inflated prices in exchange for hundreds of thousands of dollars from the sellers, getting straw buyers to do the same thing, then lying on loan applications and defaulting on the properties’ mortgage payments. Taleb Mahamed Wazwaz, 49, pleaded guilty in federal court in Minneapolis to conspiracy to commit mortgage fraud through the use of interstate wires. According to the US attorney’s office, Wazwaz’s business, Iman Sun Properties, collected $784,585 from sellers who paid him the difference between their asking price and an inflated price Wazwaz came up with.
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
Most Popular Articles
Latest Articles
Test
The story for the housing market over the past three years has been, “Home sales are down, home prices are up.” Because inventory was so restricted after the pandemic, prices pushed higher even as demand weakened. That story may finally be inverting as unsold inventory of homes is now great enough that home prices are […]
-
Freddie Mac’s Donna Spencer on their Servicing Excellence initiative
-
Lower mortgage rates attracting more homebuyers
-
Rocket Pro TPO raises conforming loan limit to $802,650 ahead of FHFA’s decision
-
Show up, don’t show off: Laura O’Connor is redefining success in real estate
-
Between the lines: Understanding the nuances of the NAR settlement
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio