California Real Estate Fraud Report

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29
Dec

Long Beach Mortgage Loan Coordinator Pleads Guilty

An employee of a Washington Mutual subprime lending subsidiary has pleaded guilty to lying under oath regarding testimony he gave before a federal Grand Jury investigating fraudulent mortgage loans issued by that subsidary.

John Ngo, 27, Dublin, California, will be sentenced by US District Court Judge William B. Shubb in April 2008 after admitting his false testimony and agreeing to cooperate with the ongoing investigation.

Ngo worked as a senior loan coordinator at Long Beach Mortgage from September 2001 through May 2006, according to Assistant United States Attorneys Benjamin B. Wagner and Courtney J. Linn, who prosecuted the case. Ngo’s job duties included verifying loan application information submitted by prospective borrowers.

At the Grand Jury hearing in September 2007, Ngo falsely testified under oath that he had not received money from William Bridges, a mortgage broker, when in fact, he had accepted more than $100,000 from Bridges. The monies received were “payment” for Ngo altering loan documentation submitted by borrowers in order to ensure that the borrowers were granted loans. In addition, Ngo took money from Long Beach Mortgage sales representatives to fund loans that he and other employees altered in order to secure the funding.

This posting was abstracted from the Mortgage Fraud Blog.

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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