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 Fraud News | Fraud Statistics | Fraud Index | Fraud Blog
Mortgage broker, originator and banker criminal cases. Real estate flipping and appraisal fraud. Mortgage fraud prevention, studies and analysis.

Real Estate Agent Caught in $5 Million Condo Scheme

Lindsey Rae Loyear charged in case involving 130 units

July 28, 2011

By JOHN WELBES Pioneer Press - McClatchy-Tribune Information Services

Charges have been filed against a Minnesota real estate agent in a case involving more than $5 million in mortgage fraud on over 130 condominium units.

A 29-year-old St. Paul woman is the latest real estate agent to be caught up in the fraud scheme at Cloud 9 Sky Flats, a Minnetonka condominium development owned by St. Paul developer Jerry Trooien.

Lindsey Rae Loyear was charged Friday in a felony "information" with one count of conspiracy to commit mortgage fraud. Such a filing usually indicates a defendant is negotiating with prosecutors on a plea deal.

She's accused of defrauding mortgage lenders for more than $5 million.

Loyear, a real estate agent and mortgage broker, allegedly didn't let potential lenders know she had arranged short-term loans for buyers to use as down payments and paid kickbacks to the buyers. The scam, which prosecutors say took place from 2006 to 2008, allegedly involved a total of more than 130 Cloud 9 units and more than $8 million that was transferred to various accounts and used for kickbacks among co-conspirators.

Neither a telephone number for Loyear nor the name of her attorney could not be found Monday.

Three real estate professionals already have pleaded guilty to federal charges for their roles in the scheme at Cloud 9. Sheri Lynn Delich, 45, was the most recent defendant to plead guilty. When she admitted her role in the scam last month, she implicated Trooien.

After the mortgage closing for each Cloud 9 unit, Delich said in court, Trooien would direct how the kickbacks would be distributed between the investor/buyer, real estate agents and herself.

Trooien has denied her allegations, said he doesn't know Delich and has never communicated with her. He has not been charged in the case.

Loyear faces a maximum penalty of 20 years in prison if convicted.

Trooien, a prominent St. Paul developer best known for his unsuccessful attempt to develop the Bridges of St. Paul project, won court approval for a bankruptcy reorganization last week. He emerged with a handful of properties from his formerly large commercial real estate holdings. That bankruptcy case is unrelated to the Cloud 9 allegations.

Court records show that Loyear filed for personal bankruptcy in April 2009, listing assets of $619,000 and liabilities of $1.3 million. Her list of assets included two units at the Cloud 9 Sky Flats.

The two condominiums accounted for $517,000 of Loyear's total assets, though both units appeared to be "underwater" -- owing more on their mortgages than the properties are worth.

back to home page

Local Mortgage Fraud news
News about local mortgage fraud.

To see more of Pioneer Press or to subscribe to the newspaper, go to

Copyright (c) 2011, Pioneer Press, St. Paul, Minn.

Distributed by McClatchy-Tribune Information Services.

For more information about the content services offered by McClatchy-Tribune Information Services (MCT), visit, e-mail [email protected], or call 866-280-5210 (outside the United States, call +1 312-222-4544)

This story was distributed by TNS - Tribune News Service
Logout forgot

Mortgage Fraud Statistics
Government and private data on volume of mortgage fraud activity.

Mortgage Fraud Index
Dollar and index amount by quarter and state.

Mortgage Fraud Litigation
Lawsuits and settlements invoving mortgage fraud by a lender insider. From 2007 through first-quarter 2013

Mortgage Fraud News
News stories about fraud committed against home lenders.

Mortgage Fraud Blog
Actions in mortgage fraud criminal and civil cases.

local mortgage fraud

mortgage fraud links

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