DEC 19, 2013

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Nash and Nshanian are among ninedefendants who participated in a mortgage fraud scheme from early 2005 through Aug. 4, 2006. Mortgage lenders made loans of approximately $11,092,886 on 16 residential properties. From that total, unbeknownst to the lenders, buyers received approximately $2,006,845 from the loan proceeds. The scheme resulted in a financial loss to mortgage lenders of nearly $5 million.

There are seven others who have pled guilty in this case, including two mortgage loan officers.

Nash fraudulently purchased two residential properties in Blue Springs, Mo. He received $100,000 from each property. Nshanian fraudulently purchased a residential property in Lee’s Summit, Mo., and received $100,000.

Under federal statutes, Nash and Nshanian are each subject to a sentence of five years in prison without parole for the conspiracy conviction and up to 20 years for each count of wire fraud. (usattywqdmo12613)

MORAL

Nine defendants, 6 from California and two were L.A. Deputy Sheriffs.  Note also that in this case the government went back to mortgage loans that took place in 2005 to prosecute. Note the fact that the sentence on conspiracy whatever it may be, does not allow for parole.

FEDERAL AGENT PLEADS GUILTY TO $800,000 MORTGAGE FRAUD

FACTS

On Dec. 6, in the Western District of Missouri, Jeffrey Morriss, a special agent for U.S. Immigration and Customs Enforcement’s Homeland Security Investigations pleaded guilty in federal court to making false statements to FBI agents in regard to a more than $800,000 mortgage fraud scheme. Morriss had been employed as a special agent for ICE HSI since 1997.

Morriss submitted four separate home loan applications for three houses between August 10, 2007 and March 6, 2012. Morriss admitted that he made at least 12 material misrepresentations and omissions to obtain $811,917 in home loans. Morriss failed to make full payments on these loans, resulting in three defaults and foreclosures.

Morriss admitted that, on each loan application, he omitted the full amount of his debt, and on other occasions he provided other inaccurate and false information, which improved his debt-to-income ratio and assisted him to qualify for the loans. Morriss did not disclose debt for property he purchased in Colorado, did not disclose monthly child support liability, and did not disclose that his property in Pleasant Hill, Mo., had been foreclosed. On a $161,150 loan application for residential property in Kansas City, Morriss falsely inflated his monthly income by about $2,600.

Morriss also lied to FBI agents during an interview about the loan applications that was held on Nov. 18, 2012.

Under the terms of the plea agreement if it is accepted by the court at his sentencing hearing, Morriss will be sentenced to three years of probation and pay $12,794 in restitution. (usattywdmo12613)

MORAL

You might think this is a light sentence until you realize he was 13 years into his retirement. Now he probably gets no retirement and it is quite likely forfeited totally because of the conviction. Taken with the conviction and no ability to get a decent job because of the conviction I would say Morriss took a very large risk for a very small gain and at that there was no gain. This goes back to something that took place six years ago.

THE INFORMATION CONTAINED HEREIN IS NOT LEGAL ADVICE. AN ATTORNEY SHOULD BE CONSULTED IF YOU DESIRE LEGAL ADVICE

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