Detroit Man Pleads Guilty to Obtaining Fraudulent Mortgages

A Detroit man who obtained numerous fraudulent mortgage loans, pleaded guilty before Judge Julian Abele Cook, Jr., to related fraud and conspiracy charges. According to Terrence Berg, U.S. Attorney for the Eastern District of Michigan, Myron L. Hooker conspired with others to obtain money from lending institutions, banks and individuals through fraudulent means. Hooker obtained fraudulent mortgage loans on numerous properties in the Detroit metropolitan area and arranged to have the illegal profits from those loans split between himself and his co-conspirators. Beginning in January 2003, Hooker orchestrated the fraud by coordinating the activities of loan officers, straw buyers, collusive sellers, real estate appraisers and closing agents. He obtained falsely inflated appraisals on real estate and paid straw buyers to act as purchasers of the property. To bolster the straw buyer's creditworthiness, he provided false income and asset documentation. Relying on the falsely inflated appraisals and fraudulent documentation, lenders approved the loans, most of which subsequently went into default, leaving them with losses in excess of $1 million. Sentencing is set for Aug. 20.