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Liars’ Loans – Some local brokers said these loans seem almost designed with fraud in mind. They now refer to these loans as “liar’s loans,” because, they said, the freedom plays into the hands of unscrupulous.
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The buyer was Covered Bridge Apartments LLC. Gerald Smith and Darrell Johnson, both of Smith Equities Corp. of Orlando, were the brokers in the transaction. Paul Guyet, mortgage broker with Smith.