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Are Brokers Liable for Fraud on Stated Income Loans? 

Aug 28, 2007By

If you’re a mortgage broker in Alaska, it appears the answer to the question can be yes. From Newsday comes an interesting story: A U.S. District Court in Alaska Monday sentenced a former American Home Mortgage branch manager to serve more than 2 years in prison and pay a $50,000 fine and $190,000 in restitution in connection with wire fraud charges after he falsified documentation to secure “stated income” mortgage loans from American Home and Countrywide Financial.

3d rendering of a row of luxury townhouses along a street

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