Two NH Men Charged in Mortgage Related Wire And Mail Fraud

Two brothers from New Hampshire have been charged with four counts of wire fraud and one count of mail fraud relating to a scheme to defraud lenders through the acquisition of real estate through straw purchasers using false and fictitious information. The indictment alleges that Thomas Ryder of Hopkinton, N.H., and Paul Ryder of Hudson, N.H., and others, submitted loan applications that included false statements, including statements as to the actual purchase price, the income, assets and employment of the purported purchasers and the intent of the purported purchasers to reside at the residences. The indictment further alleges that the defendants and others then skimmed the difference between the real sales price of the property and the sales price submitted to the lender, for which the lender provided funds, and then divided the proceeds. The brothers were mortgage brokers who operated under the name of M&M Mortgage Consulting located in Salem, N.H. A trial is scheduled for Mar. 3, 2009. The defendants were unavailable for comment.