Florida Mortgage Loan Officer Brenda Ann Blair the?mastermind behind some sort of $2.4 Million bank loan fraud scheme. She?has been sentenced today to 27 weeks in prison. Her living hell sentence is accompanied by five years of watched release. Blair took part in a mortgage fraud scheme that obtained around $2.4 million importance of loans from federally backed institutions. Blair’s victims referred to your ex as the Blair Wizard in reference to the 2007 horror movie, “The actual Blair Witch Project”.
Blair appeared to be charged on 12. 4, 2014. She pleaded remorseful on Dec. Twenty, 2014, for?her Job In the $2.4 Thousand Mortgage Fraud Method.?Blair admitted which she participated in a plan from 2006 that will 2008 to fraudulently attain mortgage-backed loans from Washington Mutual Bank plus SunTrust Bank. She additionally admitted that most of the money came from Fannie Mae in addition to Freddie Mac.? The mortgage loans were obtained during approximately 16 several real estate transactions. Any transactions produced exact losses in the estimate amount of $916,700.? Certainly also defrauded HUD which missing an additional $63,964, for a complete loss of $980,664.
The essence with the $2.4 Million bank loan fraud?scheme was to misinform lenders about the real creditworthiness of the borrowers. The scheme additionally hid the true worth of the properties protecting the loan. Blair along with her cohorts made various misrepresentations on the loan applications in relation to such topics because the employment status, money, assets and money owed of the buyers. ?This schemers would also falsify data to make it appear the fact that buyer had produced down payment when in truth he or she had not.
Some applicants also purchased a couple of property in a short time. This resulted in a few mortgage loan liabilities definitely not appearing on the borrowers a credit report and the mortgage loan software programs. ?Blair failed to are accountable to the lenders that the people had obtained many other outstanding mortgage loans that affected their debt-to-income ratios. This would have also influenced the lenders decision in order to approve the financial loans.