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Mortgage Fraud Convictions |
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Monday, 11 December 2006 |
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Jury Convicts Woman of Mortgage Fraud, Two Others Plead Guilty |
Mortgage-loan fraud convictions have been obtained against three women who operated manufactured-home sales companies in northern Arkansas.
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| Jury Convicts Woman of Mortgage Fraud, Two Others Plead Guilty |
| Saturday December 09, 2006 |
 | Little Rock (AP) -
Mortgage-loan fraud convictions have been obtained against three women who operated manufactured-home sales companies in northern Arkansas.
A news release from the office of U-S Attorney Bud Cummins said a federal court jury returned a guilty verdict yesterday on one count of mortgage-loan fraud conspiracy against 52-year-old Debra Jean Price.
The release said Debby Cossitt, and Shannon Hill entered guilty pleas while the trial was under way.
Cummins' office said Hill pleaded guilty to a single count of mortgage-loan fraud conspiracy, while Cossitt pleaded guilty to conspiracy to commit mortgage-loan fraud and to filing a false income tax return for 1998.
The release said Cossitt owned the companies at Searcy, Batesville, Jonesboro, and Harrison. It said she admitted submitting falsified mortgage-loan applications and supporting documents to lenders, to increase sales. Cummins said her actions allowed higher credit-risk customers to appear more qualified for loans financing home purchases.
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