Maryland Feds Run Up String Of Guilty Pleas In Mortgage Related Fraud Scams

The Maryland Office of the U.S. Attorney has run up a string of real estate/mortgage related fraud convictions this month, as evidenced by these press releases:

• REAL ESTATE AGENT PLEADS GUILTY IN SCHEME TO DEFRAUD MORTGAGE LENDERS (12 Fraudulently Obtained Properties End Up in Foreclosure);

• THIRD DEFENDANT IN MORTGAGE FRAUD SCHEME PLEADS GUILTY AND TWO MORE DEFENDANTS INDICTED (Terrence White Admits to Paying Over 15 Straw Purchasers, Using False Documents to Buy 25 Properties and Receiving Over $3.8 Million in Fraud Proceeds; Six Defendants Have Been Charged in Fraudulent Loan Scheme Totaling Approximately $18 Million);

• A BELTSVILLE LEADER IN MORTGAGE FRAUD SCHEME PLEADS GUILTY (Paid Over 15 Straw Purchasers and Used False Documents to Buy 25 Properties; Received Over $3.8 Million in Fraud Proceeds);

• VICE PRESIDENT OF FINANCIAL SERVICES FIRM PLEADS GUILTY IN METROPOLITAN MONEY STORE MORTGAGE FRAUD SCHEME (Responsible for Over $4 Million in Losses Under the Scheme; involved foreclosure rescue, sale leasebacks).