Federal agents in Northern California arrested 18 people Wednesday on charges of defrauding banks and lenders with bogus mortgage loan applications. The losses totaled at least $10m from 2005 through 2009, said FBI spokesman Joseph Schadler. Those arrested included a mortgage broker, eight real estate agents and three former employees of financial institutions, said US Attorney Joseph Russoniello’s office in San Francisco. Schadler said the defendants are accused of misrepresenting buyers’ incomes, identities and other information to obtain or arrange loans, which later defaulted.
18 arrested in $10m mortgage-fraud case
Most Popular Articles
Latest Articles
Pennymac posts first-quarter profit of $39M
Loan production income shrank in the first quarter, but the company’s servicing business continues to grow
-
DOJ charges one of America’s top LOs in alleged mortgage fraud scheme
-
Top Producer Review: Features, pricing & alternatives
-
A&D Mortgage names new servicing manager
-
HUD aims to help protect communities from extreme heat
-
Freedom Mortgage founder addresses ’extraordinary’ credit profiles, profitability and products