OK: Lenders Fighting Mortgage Fraud

Oklahoma Real EstateAnother mortgage fraud case from the housing boom worked through federal court this week when a Midwest City man was sentenced to federal prison for conspiracy to commit wire fraud in two home sales.

The transactions were in 2006 and 2007. With the boom long over, such cases could be fewer and farther between because of safeguards lenders have put in place at the insistence of third-party loan-servicing companies and investors who buy home loans on the secondary market, said Betty Shaw, president of the Oklahoma Mortgage Bankers Association.

In this week’s case, U.S. District Judge Timothy D. DeGiusti sentenced Derrick Reuben Smith, 47, to 40 months in federal prison, then two years of supervised release, and ordered him to pay almost $370,000 in restitution. A jury convicted him in April.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Full Story from NewsOK.com

Click here for gay realtors, mortgage lenders, and other real estate professionals in Oklahoma.

If you have a gay real estate story that you’d like to share with us, contact us at info@2016.gayrealtynetwork.com

Leave a Reply

Your email address will not be published. Required fields are marked *