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Old 04-01-2010, 03:24 PM
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Default Two plead guilty in Oklahoma fraud case

Gaile Cates and Ayo Dineji Olaniyan admitted that they solicited and induced home buyers by promising to pay down payments, closing costs and provide cash back to the buyers after closing. In order to get the mortgage lenders to loan funds, the defendants conspired to submit false loan applications, falsely reported the existence and source of down payments and closing costs, and inflated the purchase prices of the homes.

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