Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Six guilty in $100m mortgage scam

Notify me of new replies via email
Mortgage Professional America | 07 Jan 2014, 06:57 AM Agree 0
Six people - including an unlicensed mortgage broker - have pleaded guilty charges stemming from their participation in a $100 million mortgage scam
  • Brian | | 07 Jan 2014, 07:34 AM Agree 0
    How can you be an "unlicensed mortgage broker"? If you do not posses a license to operate as a broker you are just a guy impersonating a mortgage broker. If a person is carrying a badge and a gun and he is not law enforcement would you refer to them as an unlicensed or non certified police officer?
  • Drue Jordan | | 07 Jan 2014, 09:10 AM Agree 0
    Once again, a huge story happens in our own backyard and the San Diego Union-Tribune hasn't published a word about it. Sad comment on the state of business reporting in San Diego County.
  • Martie | | 07 Jan 2014, 09:19 AM Agree 0
    What a travesty!!! Every 'investor' knew it was wrong. If it's too good to be true, then it's too good to be true!!! So many Americans have no morals or scruples anymore. Taxpayers always have to pick up the pieces and clean up the mess!!!
  • Bobbi Buehl | | 07 Jan 2014, 09:25 AM Agree 0
    Really Folks!!!! Our court system's is a JOKE with the sentencing they passed down!!! They make it harder on those of us who are honest Lender's and Broker's, but still they want to come after each and everyone of us, for the sins other perpetrate against the unsuspecting! This is NOT fair and the Court's NEED to take a SERIOUS stance against these type's of PEOPLE!!!!

    I TRULY believe these Judge's should be removed from there position, they are NOT qualified to judge, if they are too damned dumb to stand up for the American Person!!!!!
  • Sam | | 07 Jan 2014, 09:36 AM Agree 0
    The system is CROCKED because these CRIMINALS have been rewarded millions for serving few years or months in jail. This is MUCH more income than any job they can have have which is in effect, a reward!!!.
    Instead, they should PAY back ALL money and be imprisoned until so they do.
  • colleen bigler | | 07 Jan 2014, 10:35 AM Agree 0
    One SCAM Worse. I just witnessed a law suit where 11 brokers were given purchase money mortgage requests for hard money. Perfect, no red flag mortgage package. However criminals stole identity of actual broker, buyer, seller, escrow and Title company on two. Sopisticated phone/vociemail system. The criminals who could of been caught were not. First Amercian Title and North Amercian sued two brokers to recoupe insurance funds paid, and a small gold coin company also fooled .
    The jury didn't understand and ruled for the Title company and one investor(who was hands on and bought, built and sold 100's of homes, experienced TD investor 20+years. ) FBI has been after them for 10 yrs for inside bank wire fraud. Could of done a sting on last transaction but wasn't interested?!! So just call it The Criminal Justice System, for criminals.
  • Alex | | 07 Jan 2014, 12:57 PM Agree 0
    So the trade off is 100 months max for Millions in $. It's no wonder people will take the risk. They should have sent them all away for 20 years minimum.
  • Jeff | | 07 Jan 2014, 01:38 PM Agree 0
    Shame on the Sellers, as well. Of course they will claim to be a victim.
  • Rob lo | | 07 Jan 2014, 06:58 PM Agree 0
    I am also curios on how to become an unlicensed mortgage broker? Lol. With the costs of being a licensed broker these days, it's gotta be
    much less expensive.
    I am almost positive that there are very stiff penalties as well as criminal issues posing to be a lic broker and I don't see any charges such as these imposed by the banking authorities here. Are they sleeping or just too busy these days ????
Post a reply