Two Oklahoma Mortgage Brokers Plead G...

Two Oklahoma Mortgage Brokers Plead Guilty To Fraud

There are 11 comments on the News on 6 Tulsa story from Feb 9, 2010, titled Two Oklahoma Mortgage Brokers Plead Guilty To Fraud. In it, News on 6 Tulsa reports that:

Two Oklahoma mortgage brokers pleaded guilty Tuesday to conspiracy to commit wire fraud in what the feds say was a mortgage scam involving 40 area homes and more than $11 million.

Join the discussion below, or Read more at News on 6 Tulsa.

krazykrate

Tucson, AZ

#1 Feb 9, 2010
I am predicting about 7-9 years and Good ole El reno federal prison

“Hillary, thirty years of lying”

Since: Nov 08

Paris

#2 Feb 9, 2010
Wow, they could have had Barney Franks and Chris Dodds jobs.
Truth Hurts

United States

#3 Feb 9, 2010
Times are tough enough on hard working people. THROW THE BOOK AT THEM !!
slimjim

Tulsa, OK

#4 Feb 9, 2010
I predict they wont serve any time and will rehab there debt.
ThePatriot

Nashville, IN

#5 Feb 9, 2010
should be a lot more.
catfish

Sand Springs, OK

#6 Feb 9, 2010
i been screwed by gerald snow in a real estate transaction about 10 years ago. he had his broker license revoked at that time.

getting caught couldn't have happen to a nicer guy.

maybe the greed finally caught up with him and now he will have time to think about it.

this is a good day....
CONCERNED REALTOR

United States

#7 Feb 9, 2010
AGREE BUTTON. THROW BOOK AT THEM ALL. WE DO NOT NEED FOLKS LIKE THIS IN THE BUISNESS.
HAVE SOME RESPECT BEFORE SOME IS DELIVERED!
GOOD DAY.
Cleetus

Owasso, OK

#8 Feb 9, 2010
So to be straight on this, the Snows were tacking on the downpayment, debt cleanup, closing costs, etc. into the loan and raising the cost of the home to match it? The mortgage broker then produced false documents about the source of the downpayment and the buyer did not dispute it?

Interesting case, I can not see the direct link to fraud on the builders part though it is clearly there, they had to have known. Now there is obviously a direct link to the mortgage broker and purchaser.

Now why are they not going after the homebuyers as well? I guess they could have been kept in the dark at closing, but then the closing company needs to be brought up on fraud charges as well.
Rosy

Tulsa, OK

#9 Feb 9, 2010
Good points Cleetus. It had become common practice for downpayment and closing costs to be negotiated into the purchase price of the house. I would bet that more Realtors than not have done it. All you have to do is look through MLS sales and see that a large percentage of the closed sales are for more than the property was listed for. They are going to have to build more prisons if they prosecute everyone who did this.
Ayo Olaniyan

Paris, AR

#10 Feb 10, 2010
Well it sounded like a good idea at the time.
Daniel

New Orleans, LA

#11 Feb 19, 2010
Cleetus wrote:
So to be straight on this, the Snows were tacking on the downpayment, debt cleanup, closing costs, etc. into the loan and raising the cost of the home to match it? The mortgage broker then produced false documents about the source of the downpayment and the buyer did not dispute it?
Interesting case, I can not see the direct link to fraud on the builders part though it is clearly there, they had to have known. Now there is obviously a direct link to the mortgage broker and purchaser.
Now why are they not going after the homebuyers as well? I guess they could have been kept in the dark at closing, but then the closing company needs to be brought up on fraud charges as well.
Having the seller paying the closing costs is not against the law on FHA the seller is able to pay up to 6% of the purchase price and Conventional loans up to 3%. This would be in the contract and yes sometimes the price of the home will be raised but at most by the figures above and no more than what the house is worth. Now what they did was illegal because they had fraudulent appraisals done obviously to show this type of value, the title company could be innocent in this because if they are not giving any money to the buyers from these funds and the snows are doing it under the table there would be no way for them to know. They would not have a case against the buyers unless these people have experience in this business and if they have everyone in the transaction that this is normal and with the infomercials about cash back purchases a few years back people would think they were telling the truth. I think the government has done a good job in picking out the guilty parties in this but I think they should also look at the appraiser.

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