Among the number of real estate licensees targeted by the California Department of Real Estate (DRE) is a San Jose-area broker whose license has been revoked for mortgage fraud and fasifying loan applications (loan fraud), according to the Acting Commissioner.
Commissioner Barbara Bigby, in referring to Bic Pho, stated “Bic Pho’s fraudulent activities were egregious and illegal, and he should never be allowed to work in real estate again. The fraud perpetrated by Pho and others contributed to the mortgage meltdown, but the revocation of his license and the issuance of the Bar Order ensures he will not broker another mortgage loan.”
But wait: Bic Pho has been barred from real estate and mortgage activities for only three years. At that time, he could apply to the DRE for reinstatement.
Bic Pho and his businesses (also barred), Mariposa Mortgage and Vision Quest 21, were accused of purchasing properties from sellers in Northern California. Pho would submit offers on behalf of straw buyers whose loan applications he had falsified. The straw buyers never lived in the properties and the lenders never received any mortgage payments.
Read the original article in National Mortgage News.