St. Louis Man Pleads Guilty to Supplying Downpayment Funds

Published January 09, 2009, 2:00 p.m. EST

1 Min Read

A St. Louis man has pleaded guilty to mortgage fraud charges in connection with loans extended by Wells Fargo Home Mortgage and others. In the scheme Henry Broussard admitted to using phony gift letters to convince mortgage lenders that buyers were financially suitable to purchase properties owned by Broussard, when in fact he had provided the funds to satisfy downpayment requirements of various lenders. Broussard also admitted to fraudulently obtaining a loan of approximately $60,000 from Wells Fargo Home Mortgage. In all, Broussard admitted his fraudulent activities involved in excess of $120,000 of actual and intended losses. Broussard pleaded guilty to mail fraud before U.S. District Court judge Henry E. Autrey. Sentencing is set for April 2009.

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

9h 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

10h 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

May 4
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