As a self-proclaimed American gangster, Chael Sonnen ,a recent UFC Middleweight contender, has built an entire career out of a mixture ruthless trash talking and hilarity.

However, it’s his penchant for mortgage fraud as a Realtor that’s given him two years of probation and a fine of ten thousand dollars.

Sonnen would acquire mortgage loans from banks under the guise of needing the money for house repairs. This money would then be paid to his mother’s plumbing company which would then be used as incentives for straw buyers. No repairs were done.

The straw buyer is the person who accepts the cash and allows his name to be used on the paperwork for a mortgage application. The mortgage loan is collected by the Realtor and his associates while the straw buyer unknowingly assumes the consequences, happy receiving the incentive.

It was people like Sonnen who were responsible for causing the massive black hole that was the housing market collapse. He either tricked or collaborated with customers into a long term mortgage scam that would eventually ruin their financial stability. This unethical behavior caused a chain reaction that left banks with a surplus of unsalable houses.

Totally Unethical

Welcome to UBC Blogs. This is your first post. Edit or delete it, then start blogging!