Wrecking Cincinnati, 7/26/10

2283 Loth Street, Mount Auburn
Single-family
DOB: 1875-1900
Died: July 2009
Cause of death: Demolished by the Cincinnati-Hamilton County Community Action Agency to make way for the construction of new green homes.

This property was once part of a mortgage fraud scheme. In November 2001, Donald Powers purchased the property for $6,000. In May 2002, he sold the property for $110,000. Powers then knowingly signed a U.S. Department of Housing and Urban Development (HUD) document indicating that the buyer had provided a down payment of $11,808.46 at closing, though it was later discovered that no money had ever changed hands.

The fraud occurred when Powers signed the HUD document knowing that the information was false, then submitted it to ABN Amro, whose deposits were then insured by the Federal Deposit Insurance Corporation.

In all, Powers defrauded various financial and lending institutions for nearly $3.5 million through his illegal flipping scheme. He also pled guilty to filing false income tax returns in the years 2001 and 2002.