California Real Estate Fraud Report

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26
Jun

Former GMAC loan officer, step-mother charged in mortgage fraud case

Former GMAC loan officer Penny O’Malley has pleaded no contest to a felony for obtaining money by false pretenses.

O’Malley’s step-mother Ellen Flores pleaded no contest to a misdemeanor in the same case. According to prosecutor Gordon Isen of the Kern County District Attorney’s Office, O’Malley convinced Flores to assist loan applicant Consuelo Herrera by falsely stating that Herrera worked at a liquor store Flores’ husband owned. Because of the additional income, the loan was underwritten in 2006 but defaulted in 2008.

Read the original article in the Bakersfield Californian.

© 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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