Regular readers of this blog may recall that back in August of last year we highlighted that the U.S. Sentencing Commission anticipated focusing more attention on revising federal guidelines related to convictions in white-collar crime cases. As a result of the panel's efforts, there is some growing anticipation that penalties for certain financial crimes could be reduced in some instances.
Any Charlotte area resident who has ever purchased a home or property likely went through the process of taking out a mortgage. The process of obtaining a mortgage loan can be complex and there are numerous financial records that must be provided and individuals who play a role in the loan process including the borrower, mortgage lender, loan processor, loan officer and real estate appraiser. Each individual has an important role to fulfill in the mortgage lending process and each must also ensure the information they both provide and are provided with is accurate.
For many people, owning a home is a big part of the American dream. A decade ago, purchasing a home was viewed as a smart financial move as home values continued to steadily increase. However, with the collapse of the housing market in 2007 home values, along with the rest of U.S. economy, began to plummet.
Several federal investigations being conducted in North Carolina and the surrounding states have led to charges being filed against numerous individuals. The charges are in connection with what federal investigators say are separate mortgage fraud schemes that have been conducted over the course of several years. All of the individuals have been accused of conspiracy to commit fraud, but some are also facing additional charges.