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Indictments issued in HUD scam
| | Sunday, April 18, 2004 @ 05:26 PM EDT
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Contributed by: Michael Chandler
Michael Chandler Properties
Read more archived articles about Selling
A Florida man was indicted Thursday of defrauding the U.S. Department of Housing and Urban development through his real estate company after 4 of his employees pleaded guilty. Eugene McReath of Panama City,Fl. owns Southern Construction and Investments, a Birmingham,Al. based company that buys,renovates and sales houses for a profit. According to the indictment. Many of the houses that McReath sold were financed with HUD loans. McReath is accused of paying his buyers down payments,then falsely telling HUD that the down payments came from relatives of the home buyers. The prosecutors say McReath lied to HUD to get around the department's policy of not insuring home loans when a seller make a down payment.
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many development housing company issued guilty. lied defrauding prosecutors eugene policy houses around with thursday indictments payment. based falsely sales urban sold according make telling insuring buyers came indictment. estate accused home florida buys,renovates seller loans. pleaded profit. scam department's indicted employees financed owns down southern u.s. birmingham,al. real payments,then mcreath loans city,fl. through department paying payments investments, relatives buyers. panama when after were construction
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