Former NJ Loan Officer Pleads Guilty in Property Flipping Scheme

Published February 26, 2009, 2:00 p.m. EST

1 Min Read

Gerald Carti of Oakland, N.J., a former loan officer, pleaded guilty to charges connected to a mortgage fraud and property-flipping scheme involving rental properties. Carti admitted to conspiring with his co-defendants and several others to fraudulently originate mortgage loans and to launder proceeds of the loans during 2002 through 2005. The loans were for two- and three-family homes in Paterson, N.J. Carti's guilty plea is one of 12 guilty pleas related to an investigation into fraudulent FHA-insured and conventional mortgage loans originated by various New Jersey mortgage companies.

Processing Content

For reprint and licensing requests for this article, click here.

MORE FROM NATIONAL MORTGAGE NEWS

Originations

Chase Home Lending offers temporary mortgage rate discount

The promotion offers rate cuts as much as 25 basis points on new-home purchases as well as rate-and-term and cash-out refinance loans from May 4 through May 17.

By Colin McNamara
Reporter

7h ago
Reverse mortgages

HECMs lose ground to proprietary reverse products

"In looking at eight currently available proprietary RM products, there is a distinct relationship between HECM growth rates and proprietary product availability," Reverse Market Insight said.

By Spencer Lee
Technology Reporter

7h ago
UWM

TWO rejects UWM offer, but analyst says this isn't the end

The top bullet point in Two Harbors' rejection notice is the Mizuho credit facility does not constitute committed financing for UWM to pay for the deal.

By Brad Finkelstein
Originations Editor

9h ago
M&A

Highlands Residential buys The Equitable Mortgage Corp.

The combination adds to a wave of broader merger and acquisition activity that includes an ongoing bidding war over RoundPoint Mortgage owner Two Harbors

By Bonnie Sinnock
Capital Markets Editor

May 4
Law and legal issues

Lenders are taking more repurchase demands to court

The litigants, with some of the industry's deepest pockets, may be filing the rare cases to flag and potentially punish bad brokers, one expert said.

By Andrew Martinez
Reporter

May 4
Federal Reserve

Powell is staying at the Fed: What to expect

Market watchers think Jerome Powell will maintain a low-key presence on the Fed board as he awaits the release of an inspector general report examining cost overruns at the central bank's headquarters.

By Maria Volkova
Reporter

May 1

Load More