Massachusetts mortgage broker indicted on 21 counts
I think we will see many more articles like this as mortage brokers are arrested and arraigned because of shady deals that took place during the subprime debacle. If the broker and the borrower conspired together to defraud a mortgage company it is highly unlikely that the borrower will say anything for fear of going to jail along with the broker. On the other hand if the broker did the paperwork and the borrower did not get a full disclosure the subject may be argued in court. This case is a little different:
A Massachusetts mortgage broker, Nicole Lyder, age 33, was indicted by a Suffolk Grand Jury. Lyder is charged with forgery (6 counts), uttering (6 counts), making or publishing false or exaggerated statements (4 counts), and larceny of credit by false pretenses (5 counts).
In April 2006, Lyder was employed by Lehi Mortgage, Inc. (“Lehi”), at the time of this alleged misconduct. The Attorney General’s Office began an extensive investigation into Lyder’s alleged activities after receiving a complaint about Lyder in September 2006. The investigation focused on four mortgage loans that Lyder assisted homebuyers in securing from Fremont Investment & Loan, Inc.