California Real Estate Fraud Report

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18
Jul

Former GMAC Loan Officer Charged in Mortgage Fraud Case

Penny O’Malley, a former loan officer with GMAC Mortgage has been charged with conspiracy, grand theft and other crimes after an investigation by the U.S. Department of Housing and Urban Development determined O’Malley conspired with her stepmother, Ellen Flores, to falsify the loan application for an unqualified buyer.

According to Kern County Deputy District Attorney Gordon Isen, both O’Malley and Flores have been charged with a total of 11 felonies, which, after he amended the original complaint, now include perjury and obtaining money by false pretenses.

The charges stem from a loan made to Consuelo Herrera, who wanted to purchase a home in southeast Bakersfield. O’Malley is alleged to have convinced her stepmother to provide information on the loan application stating that Herrera worked at a liquor store owned by the stepmother’s husband. Herrera was unemployed at the time. The loan, made in 2006, defaulted just two years later but wasn’t discovered by HUD investigators until 2010.

Read the original article in the Bakersfield California.

 

© Copyright 2007-2017 Monique Bryher

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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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