Two Ohio loan processors agreed to plead guilty to fraud and other charges in the federal probe into mortgage fraud involving low-priced homes in Greater Cincinnati, the Cincinnati Enquirer reported Tuesday.

Ike Bronson, a former loan processor at Seven Hills Financial mortgage brokerage, agreed to plead guilty to charges of bank fraud, conspiracy and filing a false tax return, according to documents filed in U.S. District Court in Cincinnati, reports said.

Bryan Young, another loan processor, has agreed to plead guilty to bank fraud and conspiracy charges, according to court papers, the Enquirer said.

More than three-dozen people have entered guilty pleas in the ongoing probe by the Internal Revenue Service, the FBI and the U.S. Postal Inspection Service into the sale of more than $50 million in area real estate, according to reports.

Bronson originated loans and recruited buyers for a number of properties sold at artificially inflated prices, investigators told the Enquirer. He also was aware false information was submitted on mortgage loan applications, reports said.

Investigators told the Enquirer that Bronson caused real or intended losses of more than $728,000 to financial institutions and failed to report $131,217 in income in 2003 as result of payoffs from fraudulent loan proceeds.

Young processed 15 to 20 loans that included false documents causing real or intended losses exceeding $255,000 for financial institutions, investigators told the Enquirer.

Both men waived a grand jury indictment and will appear in U.S. District Court on Jan. 12 to formally enter their pleas, reports said.


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