This week Lee Farkas, the former head of Taylor Bean Whitaker, one of the mortgages companies that went out of business 2 years ago and left many people "holding the bag" got a 30 year prison sentence and forfeiture of more than $38 million for leading a $3 billion fraud associated with fake mortgage assets. He was sentenced in Florida after being convicted in an April trial.
Last October Anthony Mozilo of Countrywide settled with the SEC for $67.5 million in fines and a ban from serving as an officer or director of Countrywide. Countrywide (which was bought be B of A) was to pay $20 million as part of Mozilo's employment contract. His gains were estimated at $130 million. No jail time and he didn't admit he had done anything wrong. Doesn't he look nice in his picture on the link?
Interesting how wide the variation is in the penalties. These guys, with a little help from some others almost took the financial world down.
Minette Goldsmith, Senior Loan Officer, Fairway Independent Mortgage Corporation, Office Phone 520-696-8984; www.mortgagesbyminette.com
NMLS#261487,FIMC#2889, AZ Mortgage Banker License#0904162