Short Sale Scammers Busted

Straight from this article on bloomberg.com:

Sergio Natera and Anna McElaney are scheduled to be sentenced in Hartford’s federal court in August after pleading guilty to fraud. Their crime involved persuading lenders to approve the sale of homes for less than the balance owed –known as a short sale — without disclosing that there were better offers. They then flipped the houses for a profit.

Sentenced in a Federal Court for short sale fraud!  It’s nice to see that the federal government is starting to define and act on mortgage fraud.