The LA Times has reported that former Fannie Mae employee Armando Granillo, has faced court in Santa Ana accused of soliciting kickbacks from a real estate broker in exchange for foreclosure listings. Granillo's defense lawyers claimed he had no intention of defrauding Fannie Mae when he accepted cash in a federal sting, but that taking cash in exchange for foreclosure listings was a commonly accepted practice.
Granillo, a former Fannie Mae foreclosure specialist, was caught last year on video accepting $11,200 in a federal sting. Granillo stands accused of defrauding Fannie Mae by promising Arizona real estate broker Angus Maughan unlimited foreclosure listings in exchange for a 20% cut of Maughan's commissions.
"The scheme might have worked except for one thing. Mr. Maughan called the authorities," Assistant U.S. Atty. Stephen Goorvich said.
The trial of a former Fannie Mae employee accused of soliciting kickbacks for foreclosure listings has begun in California.