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The loans went to consumers who possibly did not meet up with the FHA specifications to qualify for the mortgages or were merely straw buyers." Mortgage One and M-1 Money sold the funded loans to banks, like the FDIC-protected Firstar Bank, N.A. and Chase Manhattan Mortgage Business, utilizing the same fraudulent documents. In a gaggle, all the required contracts and forms for a real estate transaction are purchased in general.
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