MortgageDaily reports that Roger Dean Bailey, Jr. plead guilty in a North Carolina federal district court to five counts of defrauding dozens who sought to finance manufactured home loans. The 38 year old Bailey plead guilty to one count of conspiracy to commit wire fraud and making false statements to the Department of Housing and Urban Development (HUD), two counts of making false statements to HUD and two counts of wire fraud. Bailey was the manager of Homes America in Hudson, which was a branch of Phoenix Housing Group out of Greensboro. A U.S. Attorney’s office press release said Bailey was involved with up to 154 HUD-insured mortgage loans from 2004 to 2008. Those loans were worth $16 million, and the losses surpassed $4.8 million. The charges alleged that Bailey represented programs, terms and conditions that in many cases he couldn’t offer, including a non-existent rent-to-own program. Sentencing has not been set. Bailey is facing a maximum of 29 years in prison and paying $1.25 million for the combined charges. Phoenix Housing Group and Homes America, closed last January as part of a settlement with the NC Attorney General’s office, per the US Attorney’s office.
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