2 Women Indicted for Falsifying Loan Applications

admin —  May 3, 2010 — 2 Comments

Shaquinta Reanne Gates, 29, Birmingham, Alabama, and Silvia D. McBride, 27, Bessemer, Alabama, have been indicted on charges that they fraudulently claimed on mortgage loan applications that they received monthly government disability payments. They have each been charged with one count each of mail fraud and making false statements on a mortgage application to a financial institution.

Both women are charged with falsely claiming to receive monthly Social Security Administration disability payments on loan applications they mailed to Wells FargoGates applied for a mortgage loan in February 2007, and McBride in November 2007, according to their indictments. Neither woman would have been eligible to receive loans to buy houses if they had reported their true incomes on the mortgage applications, the indictments say.

The maximum sentence for each count in the indictments is 30 years in prison and a $1 million fine.

The indictments seek forfeiture of the loan amounts fraudulently obtained – $74,100 from Gates and $71,000 from McBride.

The FBI and the inspector general’s offices for the Department of Housing and Urban Development and the Social Security Administration investigated the cases. Assistant U.S. Attorney Patrick Carney is prosecuting them.

Members of the public are reminded that the indictment contains only charges. A defendant is presumed innocent of the charges and it will be the government’s burden to prove a defendant’s guilt beyond a reasonable doubt at trial.

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2 responses to 2 Women Indicted for Falsifying Loan Applications

  1. They will go back as long as the loan is still out there. What happens is the secondary will try to make the lender buy back and they look for any reason not to buy back. They do not typically look at loans that are perfoming. But, once it goes into foreclosure your on the hook regardless of how much time has went by.

  2. Mortgagemadness May 3, 2010 at 5:36 pm

    How long do the lenders have to come back to the homeowners if the loan applications were fraudulent? I know a spouse who got a loan after the mortgage broker spouse floated money in an account to make it seem the spouse could qualify for the loan.

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