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Mortgage broker convicted in $20M mortgage fraud scheme

Americans Now Owe $1 Trillion in Car Loans Americans owe almost $1.5 trillion in student loans, with the average borrower owing more than. “By contrast,” they write, “in the Northeast and Mid-Atlantic, car sales and farm product value.

Samnang was convicted on April 27, 2012, of conspiracy, nine counts of wire fraud, and two counts of mail fraud. According to court records and evidence at trial, from 2006 to 2008, Samnang used his position as a realtor and the owner of a title company to engage in a scheme to defraud mortgage.

Mortgage broker vs. mortgage banker: Who offers the best mortgage rates? When you’re shopping for a home loan, you have two main sources of money – the mortgage broker and the bank (also called a "direct lender" in the mortgage industry). One might be better than the other for you.

A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Traditionally, banks and other lending institutions have sold their own products.

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Mortgage fraud is a crime in which the intent is to materially misrepresent or omit information on a mortgage loan application in order to obtain a loan or to obtain a larger loan than could have been obtained had the lender or borrower known the truth.

. sentenced to prison for their roles in a mortgage fraud scheme in Indiana, and 10 more await sentencing after entering guilty pleas or being convicted at trial. An Indianapolis, Ind., mortgage.

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PHILADELPHIA-Edward G. And Jacqueline McCusker, both 47, of New Hope, Pennsylvania, were convicted today in connection with a $14.6 million mortgage fraud scheme that resulted in at least 35.

NewsCrime + Public Safety. O.C. man convicted in mortgage fraud scheme. Dozens of the loans were purchased on the secondary mortgage market by the Federal Home Loan Mortgage Corporation and the federal national mortgage association, which lost at least $2.37 million to to delinquencies.

Michael Milan has pleaded guilty of conspiracy to commit wire and mail fraud and for his role in the execution of a multi-million dollar mortgage fraud scheme.

Former Newspaper Publisher, Mortgage Broker, Mortgage Lender, and Real Estate Agent Sentenced in million mortgage Fraud Scheme. U.S. Attorney’s Office Charges Suburban Mortgage Brokers with Fraud for Allegedly Controlling Property Appraisals in Scheme to Defraud Lenders.