It has taken time to gather evidence but the convictions are coming in from all parts of the US where mortgage fraud was found. Thanks to hardworking AG's. :)
An Arlington development company was convicted Monday and paid $50,000 in fines for participating in a complex $13 million mortgage fraud that operated throughout North Texas.
In a rare criminal case against a corporation, Sierra Developers pleaded no contest to helping generate nearly $600,000 in fraudulent loans for the sale of two homes worth far less in Mansfield's Twin Creeks subdivision in 2004.
The loans were handled through companies operated by mortgage broker Chekeelah Phelps, 47, who has pleaded guilty to engaging in organized criminal activity and money laundering.
Phelps is awaiting sentencing. Sixteen other people have been convicted for their roles in the scheme, including a title company closer, a Realtor, another home builder, another mortgage broker and eight "straw buyers" who lent their names to buy homes they couldn't afford through the subprime lending system.