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.
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