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A Maryland man who owned and operated a homebuilding company will spend the next year in prison for his role a mortgage fraud scheme that defrauded a mortgage lender of more than $2.4 million.

Montgomery County Man Pleads Guilty in Mortgage Fraud Conspiracy Submitted Fraudulent Applications to Obtain Loans Totaling Over $2.2 Million U.S. Attorney’s Office June 12, 2012

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Homeowners were refinancing to lower their mortgage payment, and with the freed-up cash, they were able to buy more services and goods, which helps to stimulate the economy. Across the nation, notaries, loan officers, title people, processors, and all kinds of people in.

Greenbelt, Maryland – Mokorya Cosmas Wambura, age 45, of Takoma Park, Maryland pleaded guilty today to conspiring to commit wire fraud and aggravated identity theft arising from two separate residential mortgage fraud schemes.

Rayford, 92, took advantage of a federally insured loan called a reverse mortgage that allows cash-strapped seniors. The District joined seven states, including Florida and California, that have. The federal Department of Housing and urban development (hud) has not as of yet acted to expand the reverse mortgage program to co-ops, even after 16.