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April 6, 2009
Two mortgage companies were accused of helping unqualified borrowers get approved and then sold the loans to banks. One of the men who spearheaded the scheme was found guilty after a four-week trial.
John Varner operated Mortgage One Corp. in Hesperia, Calif. He now faces 41 years in prison for filing false tax returns and defrauding private lenders and the U.S. Department of Housing and Urban Development of more than $23 million.
Varner is the 15th defendant convicted in the case against Mortgage One and Riverside, Calif.-based M-1 Capital Corp. More than 1,000 of the 3,800 federally-insured loans approved by the two companies went into foreclosure.
Read story at Daily Press
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