Clarification to This Article
This article on a federal investigation of mortgage fraud said that an "investor, Wayne A. Lee" purchased townhouses in a Woodbridge subdivision at high prices. The Wayne A. Lee to whom the article referred is not real estate agent Wayne A. Lee of Buyers Advantage Real Estate Corp., in Woodbridge, who coincidentally has the same name.
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FBI Probes Virginia Mortgage Scam

Damion Coates and Michelle Holzhauer discovered by accident that the house they rented in the Villages at Rippon Landing was in foreclosure, one of several in the subdivision that were bought and resold quickly to buyers who defaulted on mortgage payments.
Damion Coates and Michelle Holzhauer discovered by accident that the house they rented in the Villages at Rippon Landing was in foreclosure, one of several in the subdivision that were bought and resold quickly to buyers who defaulted on mortgage payments. (Photos By Dayna Smith -- The Washington Post)

According to land and real estate records, Zak Ahmadzada, a mortgage broker with American Affordable Homes in McLean, and Khalid Mirza, a real estate agent with Re/Max Champions in McLean, were involved in many of the transactions.

Land records show that Ahmadzada bought three townhouses in the Villages at Rippon Landing in 2006 and 2007 for prices ranging from $418,550 to $439,615. He sold two of them months later for $570,000 and a third for $585,000. Some investors said Ahmadzada arranged for buyers' loans for several townhouses at the higher prices, with no down payments and 100 percent financing.

Mirza is listed as the agent for several of the homes that were purchased at the lower prices in Rippon Landing, according to Metropolitan Regional Information Systems, a database of homes for sale in the area. MRIS records do not show who the agent was for the subsequent sales at the higher prices. Web sites and ownership records show that Re/Max Champions and American Affordable Homes are in the same building and have the same chief executive, Azim Feda.

Feda's wife, Paula A. Feda, chief operating officer of the mortgage company, said Ahmadzada left American Affordable Homes in June. She said she was not aware of details of the loans, but that her husband would address the issue. He did not respond to repeated calls.

Attempts to reach Ahmadzada for several weeks were also unsuccessful.

Mirza said he was not involved in any of the resales at the higher prices and that he was not involved in anything improper.

"I don't know what's going on," he said, adding that paying $585,000 was "so high it doesn't make sense. It looks suspicious."

Mirza, a Pakistani immigrant, said he was involved in the sale of the houses from the builder to others in the Pakistani community at the lower price of $400,000-plus.

"Everybody jumped in because they knew the price was good," he said, adding that he did not know "what they did after that."

Shahbaz Iqbal, a wholesale car dealer in Fredericksburg, said Khalid Mirza was a customer of his who had a role in duping him and his sister-in-law into buying two Rippon Landing townhouses in February and March for about $580,000 each. Iqbal said one of his former salesmen -- Saeed Mirza, a friend of Khalid Mirza's from the same town in Pakistan -- owned one of the townhouses. Ahmadzada of American Affordable Homes arranged for the 100 percent financing, he said.

Iqbal said Saeed Mirza told him and his sister-in-law that he would cover the first three mortgage payments. After three months, Iqbal said, Khalid Mirza and Saeed Mirza said both homes could be sold for a profit of $50,000 to $100,000 each.

But after a few months, the lender called Iqbal's sister-in-law and said the property sold by Saeed Mirza was going into foreclosure because no mortgage payments had been made. Iqbal said he felt terrible for his sister-in-law, so he made the payments for both properties to keep it out of foreclosure. "I'm a victim, it looks like to me," he said. Iqbal's sister-in-law, confirmed his account.


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