twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map
Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.

Million-Dollar AE Headed to Jail

Another sentence handed down in bribery scandal

Sept. 20, 2012

By Mortgage Daily staff

A former account executive for Washington Mutual Inc.'s subprime lending unit who earned more than $1 million a year has been found guilty of mortgage fraud.

Long Beach Mortgage originated residential subprime loans as a WaMu subsidiary until it was closed in 2007. A report from the Center for Public Integrity indicated that Long Beach was the fifth-biggest subprime lender between 2005 and 2007.

John Ngo, a loan coordinator at Long Beach, pleaded guilty in December 2007 to lying to a grand jury about accepting $100,000 in bribes from mortgage broker William T. Bridge between 2003 and 2006. Ngo allegedly ensured that fraudulent mortgages were funded.

A nine-month sentence was handed down to Ngo in September 2010.

Bridge, who operated as San Francisco-based The Loan Center, admitted paying the kickbacks in June 2008 and was sentenced in April 2010 to 21 months in prison. His brother and Loan Center employee Paul Bridge pled guilty in June 2008 and was sentenced in August 2010 to probation.

Another player is the bribery scandal was Joel Blanford, a former sales representative at Long Beach Mortgage.

Blanford, 44, earned volume bonuses by defrauding Long Beach Mortgage during 2003, 2004 and 2005, according to the Department of Justice. He operated the scheme by paying a loan coordinator more than $50,000 to fraudulently document loan files and look the other way at bogus files

The allegations include falsifying file documents, using fake verifications of employment and providing false professional licensing status.

During each of the three years in question, Blanford earned more than $1 million in commissions and other compensation, according to the government.

He was originally tried in May, but the trial resulted in a hung jury.

On Wednesday, however, Blanford was convicted of six counts of mail fraud by a federal jury in U.S. District Court for the Eastern District of California.

He is scheduled for sentencing on Dec. 10.

In addition to Blanford, Ngo and the Bridge brothers -- other defendants in the case include Iftikhar Ahmad, who was sentenced to 36 months in February 2011; Manpreet Singh, who was sentenced in February 2009 to 60 months; and Jose Serrano, who was sentenced in November 2008 to 15 months.

next story

back to current headlines

Wholesale Lending News | Directory | P r i cing Engine | Originator Newsletter
News about wholesale lenders, correspondent lenders and wholesale mortgage lending programs. Alt-A, subprime and other niche loan programs. Lawsuits between wholesalers and brokers.

Mortgage Broker News | Originator Newsletter
Stories about mortgage brokering and broker programs. Profiles of successful mortgage brokers. Articles about mortgage brokers who excel at other activities. Broker lawsuits and criminal broker activity.

Mortgage Employment News | Employment Index | Employment Statistics
Job additions, layoffs and employment lawsuits. Employment data from the Department of Labor, state tracking, reports and analysis. Job finding tips.

The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.

Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.

Logout forgot

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders