Industry NewsMortgage

14-year sentence in mortgage fraud case

Loans owned by credit unions sold to Fannie Mae
Published on Feb 28, 2011

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by CareyBot

The former president of New Jersey-based U.S. Mortgage Corp. has been sentenced to 14 years in prison for his role in a $136 million fraud scheme that bankrupted the company and its subsidiary, CU National Mortgage, prosecutors said.

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