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Defendant Sentenced in Fraudulent HUD Code/Mod Mortgage Scheme

handcuffs  ladyars co  ukFollowing a story MHProNews posted June 4, 2014, U.S. District Judge Richard Voorhees imposed a 50 month prison sentence on Marina A. McCuen for her role in a mortgage-fraud conspiracy that originated $158 million in fraudulent federally-secured loans on manufactured and modular homes in North and South Carolina. She worked with two other W. R. Starkey loan officers in helping secure FHA (Federal Housing Administration) loans from Phoenix Housing Group based on knowingly inflated income and assets listed for borrowers, and then destroyed loan documents after a Federal investigation into the scheme began. When customers defaulted on loans, the FHA paid insurance claims. Mortgage insurance claims totaled over $24 million, costing the U. S. government more than $15 million. McCuen received $156,000 in commissions, according to citizen-times.com, and will have to pay restitution, the amount yet to be determined, upon completion of her sentence. The other six defendants have pleaded guilty and await sentencing. ##

(Image credit: ladyars.com.uk)

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