From the Oregonian:
Marty Ray Folwick, the Portland man who put together more than 70 fraudulent mortgage deals during the housing boom, pleaded guilty Thursday to four counts of bank fraud, wire fraud and money laundering.Prosecutors recommended that Folwick serve 62 months in federal prison. He is scheduled to be sentenced Dec. 8. Folwick, 50, worked […]
From the Oregonian:
U.S. District Judge Michael Mosman today sentenced a Portland man to 30 months in prison for his role in a mortgage fraud scheme.According to a news release from the office of United States Attorney Karin J. Immergut, the scheme involved two residential real estate transactions in 2004.Ryan Bonneau, 31, also will serve five […]
From the Oregonian:
A newly surfaced memo from banking giant JPMorgan Chase provides a rare glimpse into the mentality that fueled the mortgage crisis.The memo’s title says it all: “Zippy Cheats & Tricks.”It is a primer on how to get risky mortgage loans approved by Zippy, Chase’s in-house automated loan underwriting system. The secret to approval? […]
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