A real estate agent, loan officer and two others falsified papers for 102 home loans.
Four Bay Area men, including a loan officer from San Jose, have plead guilty in a sweeping scheme to obtain $55 million in home loans with falsified incomes, divorce decrees, alimony checks and bank statements, the Department of Justice announced Thursday.
“These defendants used their professional knowledge of the mortgage industry to perpetrate a fraud on unsophisticated home buyers, funneling these victims into loans for which they were not qualified,” Ismail J. Ramsey, U.S. Attorney for the Northern District of California, said in a news release. “My office is committed to protecting all victims of fraud, whether federal agencies, Northern California residents, or—as happened here—both.
Martinez admitted that he earned more than half a million dollars in real estate commissions through the scheme, according to the press release. His clients received $27.7 million across 49 loans.
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