The former president of Mortgage One Corporation in Hesperia, CA has been convicted of four federal charges, related to a scheme to defraud the United States Department of Housing and Urban Development and private lenders, by fraudulently obtaining federally insured loans and selling those notes to private lenders.
John Richard Varner, 55, of Hesperia, was found guilty late Wednesday of one count of conspiracy to defraud HUD, one count of bank fraud and two counts of subscribing to false income tax returns. More than 1,000 of the 3,813 FHA-insured loans approved by Mortgage One and M-1 Capital went into foreclosure and, as a result, HUD and private lenders lost at least $23 million. As a result of the convictions, Varner faces a maximum statutory sentence of 41 years in federal prison.
New York's U.S. Attorney filed suit on May 3rd against Deutsche Bank, claiming that its MortgageIT unit made tens of thousands of bad loans and then defrauded the Federal Housing Authority into insuring them. The scheme left taxpayers holding the bag to the tune of hundreds of millions of dollars, the government said. HUD, which runs the FHA, has paid out $386 million through February 2011 on 3,100 defaulted mortgages. Of those, more than 600 defaulted within six months, 1,100 defaulted within a year and more than 2,000 – nearly two-thirds of the total – went bad within two years.According to filings, some $888 million of mortgages were in default without claims having been paid by HUD. Some $348 million of those mortgages went bad within a year and more than half went bad within two years, it said.
What does all this mean for the man or woman on the street...possibly literally on the street, due to fraudulent, scandalous activities like these? It means losses that John and Jane Q. Public probably will never recover, without available capital to fund legal actions against these criminals. Of course, John & Jane Q. Public don't have the resources available that the U.S. Government has. What are the Next Steps for the rest of you, who are still holding on to your property, in spite of all this drama? You have two choices. Either dig out, dust off and let us help you investigate that pile of mortgage documents you signed your name to, or continue to hemorrhage cash, while waiting for a devastating financial event to come your way. A Forensic Mortgage Audit is the only way to know, for sure that you have not been overcharged and under protected by your lender and the cost is minimal to you, compared to the catastrophic loss that can occur from NOT KNOWING! Improve your cash flow...help us HELP YOU!
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