Zak Ahmadzada (left), Khalid Mirza, Azim Feda (right), Wayne A. Lee, et al; Mortgage FraudFraud was rampant during the Housing Boom. You can find numerous examples of defaults (including 1st payment defaults) in conjunction with abnormally high purchase prices. Here is an example being pursued by the Feds--go get 'em!
FBI Probes Virginia Mortgage Scam
Zak Ahmadzada, a mortgage broker with American Affordable Homes in McLean, and Khalid Mirza, a real estate agent with Re/Max Champions in McLean, were involved in many of the transactions.
Land records show that Ahmadzada bought three townhouses in the Villages at Rippon Landing in 2006 and 2007 for prices ranging from $418,550 to $439,615. He sold two of them months later for $570,000 and a third for $585,000. Some investors said Ahmadzada arranged for buyers' loans for several townhouses at the higher prices, with no down payments and 100 percent financing.
Mirza is listed as the agent for several of the homes that were purchased at the lower prices in Rippon Landing, according to Metropolitan Regional Information Systems, a database of homes for sale in the area. MRIS records do not show who the agent was for the subsequent sales at the higher prices. Web sites and ownership records show that Re/Max Champions and American Affordable Homes are in the same building and have the same chief executive, Azim Feda.
Zak Ahmadzada, a mortgage broker with American Affordable Homes in McLean, and Khalid Mirza, a real estate agent with Re/Max Champions in McLean, were involved in many of the transactions.
Land records show that Ahmadzada bought three townhouses in the Villages at Rippon Landing in 2006 and 2007 for prices ranging from $418,550 to $439,615. He sold two of them months later for $570,000 and a third for $585,000. Some investors said Ahmadzada arranged for buyers' loans for several townhouses at the higher prices, with no down payments and 100 percent financing.
Mirza is listed as the agent for several of the homes that were purchased at the lower prices in Rippon Landing, according to Metropolitan Regional Information Systems, a database of homes for sale in the area. MRIS records do not show who the agent was for the subsequent sales at the higher prices. Web sites and ownership records show that Re/Max Champions and American Affordable Homes are in the same building and have the same chief executive, Azim Feda.
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