Stevie McDonald has pleaded responsible to making false statements on a Washington Joint mortgage application during November of 3 years ago. He faces an optimum penalty of 3 decades in federal penitentiary. A sentencing date haven’t yet been establish.
McDonald of Winter Location, Florida signed binding agreement to purchase a home during Port Richey on October 10, 2007. Droped straight applied for a mortgage financial loan from Washington Mutual Bank. McDonald made false statements about their income and his career on the Washington Mutual mortgage application.
Washington Mutual paid more than $35,500 to satisfy an existing lien by a woman over the ?sale of the property or home. McDonald knew the woman and later on married the woman that placed the lien. An audit of the file and the exploration revealed that no these kinds of lien existed. As a result, Washington Mutual Financial institution suffered a financial burning as a result of McDonalds default for the loan.
McDonald pleaded guilty to help multiple counts of bank fraud also to conspiracy to make investments bank fraud. As result of the guilty asking, he faces a maximum penalty of Thirty years in federal prison for each count. A USDOJ is also seeking your money judgment during the amount of $509,221. This amount of money is the approximate loss amount that the loan companies sustained after McDonald defaulted on the loan.
McDonald furthermore participated in a fringe movement to defraud different FDIC institutions in connection with multiple residential mortgage loans. McDonald seemed to be involved in multiple articles of false as well as fraudulent information so that you can multiple lenders. McDonald’s false statements induced the lenders to make the home loans. Subsequently, the recipients these loans defaulted in those mortgages as well as the banks sustained loss of approximately $509,221.