Lafayette
Texas woman pleads to mortgage scheme
Posted: Apr 5, 2011 7:22 AM by Nichole Larkey & AP
LAFAYETTE, La. (AP) - A Humble, Texas, woman has pleaded guilty in Louisiana to two counts of wire fraud in a mortgage lending scheme.
Reports 49-year-old Mary L. Francois, the owner of
America's Best Mortgage and Creative Solutions in St. Martinville, was accused of submitting false loan applications on behalf of clients to mortgage lenders.
Prosecutors say the scheme began in September 2005 and continued through February 2008, resulting in about $2.3 million in mortgages for people who did not have the income or credit rating necessary to obtain loans.
The two counts she pleaded guilty to Monday involved a loan obtained on behalf of a client who had a $13 balance in her
checking account, no significant employment and erratic payments of
rent.
She will be sentenced later.
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