Mark F. Friend, 60, a mortgage loan officer has been indicted by a federal grand jury on six counts of bank fraud relating to a mortgage fraud scheme.
The allegations relate to Friend’s employment in 2005 and 2006 with National City Mortgage, then a division of National City Bank, in Stockton. According to the indictment, Friend submitted loan applications and other documents that contained false information and even made down-payments on behalf of borrowers who could not afford the down-payments. He was later repaid from escrow after the loans were funded. In the end, National City Bank lost approximately $1.5 million.
The case was investigated by the Federal Bureau of Investigation; the prosecutors are Assistant United States Attorneys John Vincent and Christiaan Highsmith.
Read the original article in HousingWire.