Long Island lender accused of fraud

October 23, 2008 08:36AM

A Long Island mortgage lender, Madison Home Equities, allegedly handed out $4 million in fraudulent loans to low-income customers who couldn’t make payments on them, according to a civil suit filed yesterday. The owner of the company, 50-year-old Nadine Malone, is accused of doctoring 12 loan applications for would-be homeowners who didn’t qualify for federally insured mortgages, then selling the loans before they went into default.

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