Real Estate/Development
May 11, 2011
Players in Mortgage Scheme Plead Guilty
The two defendants pleaded guilty in a Northern California mortgage fraud case that some lawyers said signals federal and state authorities' aggressive stance on investigating and prosecuting such cases.
Daily Journal Staff Writer
Two players behind a multimillion-dollar "builder bailout" mortgage scheme in Chino pleaded guilty to fraud and money laundering charges last week in Sacramento federal court.
The case against the pair was part of a far-reaching crackdown by federal agencies on the kind of mortgage fraud that is believed to have contributed to the housing market collapse.
"We've brought a lo...
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