Mortgage

Former SunTrust Mortgage VP, his wife, her brothers sent to jail for mortgage fraud

This conspiracy was all in the family

For Mohsin Raza, his wife, Humaira Iqbal, and her brothers Farukh Iqbal and Mohammad Ali Haider, committing mortgage fraud really was a family affair.

And, as it turns out, the family that plays together also goes to jail together.

According to the U.S. Attorney’s Office for the Easter District of Georgia, Raza, his wife, Humaira, and her brothers will each serve time in federal prison for their roles in a scheme that saw the group falsify loan documents and commit mortgage fraud while all four were employed by SunTrust Mortgage in the 2000’s.

The U.S. Attorney’s Office stated that in 2005, Raza was hired to serve as vice president at SunTrust Mortgage, and the company then tasked him with opening a new office location in Annandale, Virginia.

Raza staffed the office with his wife and her brothers. Farukh Iqbal and Mohammad Ali Haider joined the company and served as loan officers.

From the time they joined the company until they left in 2007, the group falsified loan applications for borrowers and purchased fake tax documents to support the false loan applications. 

According to court documents, SunTrust Mortgage underwriters approved the loans, which totaling several million dollars, based in large part upon the fake documents in the files, and ultimately borrowers were given loans to buy homes that they could not afford.

For their roles in the scheme, Raza will spend the next 24 months in prison, while his wife, Humaira, received a sentence of 15 months, for conspiracy and wire fraud affecting a financial institution. 

Humaira’s brothers, Farukh Iqbal and Mohammad Ali Haider will each spend one year and one day in prison for their crimes.

Beyond their sentences, Raza and Humaira Iqbal were also ordered to forfeit two properties and $40,000 and pay restitution to victims in the amount of $1,923,324.53.

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