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Manufactured Homes and Fabricated Loans
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April 10, 2009
Two people are accused of putting money in borrowers' bank accounts to inflate their income and assets in order to fraudulently secure mortgage loans for mobile homes they were selling.
Keith Raybon and Jeannie Nelson both pleaded guilty to one count of conspiracy and face up to five years in prison and a $250,000 fine. Raybon owned Emerson Manufactured Homes and Nelson was the executive vice president of Royal Lion Mortgage at the time of the fraud.
At least 190 Emerson Estates' homes have been foreclosed on since 2001. Sentencing is set for August.
Read story at Houston Chronicle
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