A federal grand jury has indicted a Highland couple for allegedly committing mortgage fraud by using straw buyers to get loans on high-end homes at falsely inflated prices.
Portia R. Louder, 40, faces three counts of false statements to financial institutions, three counts of wire fraud and one count of money laundering. Chad Louder, 41, is charged with two counts of false statements to financial institutions.
According to the indictment, the pair targeted expensive homes for purchase, especially those sold by owners and not listed on the Multiple Listing Service. Using straw buyers, they allegedly raised the purchase price of a home without the lender's learning of the actual sales price set by the owner.