Miami Mortgage Fraud Scheme Costs FHA $50 Million

August 29, 2014 Posted by kingcade

Greater County Mortgage Bankers owner Hector Hernandez was indicted along with seven of his employees for a $50 million mortgage fraud scheme.  Wire fraud charges were filed against developers Armando Bravo and Aleida Fontao.

The indictment states that the defendants secured fraudulent mortgages through the Federal Housing Administration from 2006 through 2008.   The loans included exaggerated income and financial statements.  Hernandez, the owner of the mortgage company allegedly used false documents such as phony earning statements to qualify borrowers, who otherwise would not have qualified.

Hernandez was also accused of giving borrowers kickbacks after closing on condominiums.  The majority of the Great County loans defaulted and went into foreclosure.  The scheme cost the FHA over $50 million, as these loans were guaranteed.

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Related Resources: http://www.bizjournals.com/southflorida/blog/morning-edition/2014/08/mortgage-company-owner-real-estate-developers.html?ana=e_sflo_rdup&s=newsletter&ed=2014-08-29&u=um2Eyo72dYSImvglWn/0xO6wsIE&t=1409325203

 

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