The face of the mortgage mess

Discussion in 'Law and Justice System' started by Truthmatters, Oct 13, 2008.

  1. Truthmatters
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    Agent sentenced to 14 Years for mortgage fraud | Spero News


    Joseph Sterling Jetton, 61, of Woodstock, Ga., was sentenced today to 14 years in federal prison to be followed by five years of supervised release and ordered to pay $11,194,300 in restitution on charges of conspiracy, bank fraud, wire fraud and money laundering related to a multi-million dollar mortgage fraud scheme. Jetton was convicted by a jury on Nov. 26, 2007, after a three week trial, and was sentenced today by U.S. District Judge Beverly B. Martin.

    According to U.S. Attorney David E. Nahmias and the information presented in court, Jetton orchestrated a mortgage fraud scheme that involved millions of dollars in fraudulently inflated mortgage loans being provided to unqualified straw borrowers from late 2004 through early 2006. The straw borrowers were paid through shell companies as much as $600,000 per property from the fraudulently obtained loan proceeds. Jetton wrote sales contracts that failed to disclose that the sales prices of the residences had been inflated and that hundreds of thousands of dollars out of the loan proceeds were going to the buyers and others. Jetton personally derived more than a $1 million in commissions from the mortgage fraud scheme.
     
    Last edited: Oct 13, 2008
  2. dilloduck
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    dilloduck Diamond Member

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    Wow--I'm glad they caught the guy who did it !
     
  3. Truthmatters
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    The face of this is the greed and deception that ran rampant in the market without resonable restraints.


    This is the type of people who rise to the top in a market where the rules are tossed out the window and the market is allowed to police itself.

    The republicans have pushed and pushed for deregulation for decades now and what do we have to show for it?

    Savings and loan mess of the 80s, Enron, phoney electric blackouts,sub prime and forclosures.
     
  4. dilloduck
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    dilloduck Diamond Member

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    ahh cause I was a bit suspicious. I was pretty sure it was all the Republicans fault
     
  5. editec
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    editec Mr. Forgot-it-All

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    Good.

    Now if they have the wisdom to wring out the bad business practices where weren't illegal, but which lead to this disasterous outcome, anyway, we're back in business.
     
  6. Truthmatters
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    The problem is that your team had all the control they needed to press through ANYTHING they wanted to do.

    It is 90% their fault.
     
  7. del
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    del BANNED

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    90%! that's an outrage! we want it all. 100% or no deal.
    :cuckoo:
     
  8. RetiredGySgt
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    RetiredGySgt Platinum Member

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    Wait using your logic, since the dems control congress then the last 2 years have all been the dems fault. Thanks for admitting the problem is theirs.
     

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