Florida Mortgage Loan Officer Brenda Ann Blair the?mastermind behind a $2.4 Million mortgage loan fraud scheme. She?seemed to be sentenced today to 27 many months in prison. Her living hell sentence is then five years of supervised release. Blair participated in a mortgage fraud structure that obtained just about $2.4 million price of loans from government backed institutions. Blair’verts victims referred to the girl’s as the Blair Witch in reference to the 2000 horror movie, “A Blair Witch Project”.
Blair had been charged on November. 4, 2014. She pleaded remorseful on Dec. 20, 2014, for?her Position In the $2.4 Trillion Mortgage Fraud System.?Blair admitted they participated in a structure from 2006 that will 2008 to fraudulently get hold of mortgage-backed loans from Wa Mutual Bank as well as SunTrust Bank. She as well admitted that some of the money came from Fannie Mae and also Freddie Mac.? The home mortgages were obtained in approximately 16 various real estate transactions. Your transactions produced exact losses in the approx . amount of $916,700.? Certainly also defrauded HUD which missing an additional $63,964, for a total loss of $980,664.
The essence with the $2.4 Million home loan fraud?scheme was to mislead lenders about the genuine creditworthiness of the borrowers. The scheme as well hid the true valuation of the properties securing the loan. Blair together with her cohorts made a variety of misrepresentations on the loan applications concerning such topics as the employment status, money, assets and debt of the buyers. ?A schemers would also falsify information to make it appear the fact that buyer had produced down payment when in simple fact he or she had not.
Some consumers also purchased one or more property in a short period of time. This resulted in some mortgage loan liabilities not really appearing on the borrowers credit report and the mortgage loan purposes. ?Blair failed to are accountable to the lenders that the people had obtained different outstanding mortgage loans in which affected their debt-to-income quotients. This would have also disturbed the lenders decision in order to approve the lending options.