What do you get when you mix a car salesman, a veteran NBA basketball player, a Realtor, a regular working man with excellent credit, and a $1.25 million home in West Bloomfield, MI?
A big, hot mortgage fraud mess!
It appears as though Detroit Pistons Lindsey Hunter is mixed up in a mortgage fraud scheme that's currently under investigation by the Wayne County Register of Deeds' Mortgage Fraud Task Force and the FBI.
Lindsey Hunter and his business partner Iron Johnson, both owners of L & I Enterprises, Inc., allegedly perpetrated the mortgage fraud scheme by using Bruce McClellan of Waterford Township, MI, as a "straw buyer" for a luxury home which eventually went into foreclosure.
At the core of this alleged mortgage fraud scheme is the excellent credit of Bruce McClellan. In exchange for a hefty payday, Mr. McClellan was willing to put his good credit on the line to finance a real estate transaction, which he never would've been able to do absent some sort of fraud taking place.
I'm sure that at the beginning of this once-in-a-lifetime type of deal involving a famous basketball player, things looked very promising to Mr. McClellan. However, it doesn't matter who you're dealing with, famous or not, you can never be too careful.
I won't bother rehashing the details here, but you can read all about the story in this week's Crain's Detroit Business, and also by visiting Flipping Frenzy, the mortgage fraud blog by Ralph Roberts.
I'm very interested in seeing how this whole thing unfolds.