NJ Feds Convict Two In Mortgage Scam

In Northern New Jersey, The Star-Ledger reports:

• Two women tied to a multi-million dollar mortgage scam involving luxury properties in several wealthy suburbs were found guilty [Thursday] on charges of bank fraud and conspiracy. A jury deliberated about two hours before returning guilty verdicts against Jamila Davis, 30, of Teaneck, and Brenda Rickard, 54, of Montclair in U.S. District Court in Newark. The two were charged with inflating the value of at least eight homes in exclusive neighborhoods in Alpine, Cresskill and Saddle River -- obtaining mortgages and secondary financing that far exceeded the value of houses that sold for $2 million or more.

For more, see Guilty verdict in luxury home mortgage scheme. For earlier reports on this story, see:

• Montclair woman indicted for bank fraud (The Montclair Times - 7-8-05),
• Woman held in $30M mortgage scheme (The Record - 6-30-05).