Word: scheme
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Dates: during 1990-1999
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Angry borrowers and legal experts have suggested that federal investigators may have gotten the wrong man when a federal court convicted City Councillor William H. Walsh for his involvement in a scheme to defraud Dime Savings Bank of New York...
Walsh was convicted March 28 of 41 counts of bank fraud in connection with a scheme to swindle Diem of $2.9 million. Walsh concealed second mortgages granted to cover a 20 percent down payment on loans...
...There was a pattern of falsifications of second mortgages," Kelleher said. "the bank set up the whole scheme, but the bank walks off clean...
Borrowers and other sources allege Dime deviseda scheme in the late '80s in which it granted asmany loans as it could give, through a 48-hourloan approval program called the "no document loanprogram...
Candee testified in the Segal case that he wasaware of negative amortizations as a feature ofthe "no doc" loan program. Through this scheme,Kelleher said, Dime encouraged widespread secondmortgages in Massachusetts, New Hampshire,Connecticut and elsewhere...