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
Reverse mortgages seen as a path forward for lenders
Leaders at Guild Mortgage and Guaranteed Rate explained some of their approaches to the reverse mortgage business during The Gathering.
-
Blend receives $150M infusion from Haveli Investments
-
Michigan attorney general reissues reverse mortgage consumer alert
-
eXp Realty makes changes to its executive team
-
Housing affordability dipped in March: First American
-
Title insurance executives are confident the Biden proposals won’t come to much