Total Number of Clips: 1 Cumulative Est. Audience: 97,481 Cumulative Est. Publicity Value: $7,616 (Sum of Clip Totals)
Entry #1
Play Media
Fox 4 News at 6
KDFW (Fox)Dallas, TX DMA: 5
Sep 02 2009 6:06PM CDT
Programming Type: News
Est. Households/Views: 97481
Est. Publicity Value: $1904 (30 Seconds) $7616 (Total)
seen. a florida man sits behind bars right now for carrying out a home loan scheme in a mckinney neighborhood. shaun rabb reports the case may be just the tip of the iceberg. >> houses were lling and remaining vacaat. yards are growing up, pools were going black. >> reporter: that's how folks on hills creek drive knew something was wrong. assistant collin county district attorney christopher mill near and his special crimms unnt investigated and their work led to this man, john barry who's been convicted of money laundering in this mortgage fraud case. mill near says john barry is. >> the pup pet master sort of behind the curtain that was making these transactions happen. >> reporter: now here's how it work. he would buy the houses at fair market value and recruited straw piers. he would create false documents to support loan aps for these people. he would clear $200,000 for each house he sold. >> a house with perhaps a $350,000 air market value selling for 55 or $600,000. >> reporter: barry didit a dozen timessbetween 2005 and 2007. >> it was like a tsunami effect and it destroyed thii neighborhood. >> reporter: uta proffssor gary lace field and president of risk mitigation group testified at trial to the fraud's economic impact. >> people couldn't sell their homes, people couldn't get refinances with their homes that were legitimate good loans that the impact minimal hi is in the neighborhood of 40 to 45 million. >> reporter: while the neighborhood is coming back mill near expects more people to go. >> i don'think we're done with hill reek drive criminal prosecutions forrmortgage fraud. >> reporter: shaun rabb fox 4 news. >>> dallas renters of single family homes may see theecity put the squeeze on their
Total Number of Clips: 1 Cumulative Est. Audience: 97,481 Cumulative Est. Publicity Value: $7,616 (Sum of Clip Totals)

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