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Mortgage Firm Owner, 6 Employees Indicted

Delta Homes and Lending Inc. owner, employees indicted

July 21, 2011

By RICK DAYSOG The Sacramento Bee - McClatchy-Tribune Information Services


A federal grand jury has indicted the owner of a California mortgages firm and six of his employees for allegedly running a $4 million mortgage-fraud scheme.

In an indictment unsealed Tuesday, the grand jury charged that 42-year-old Moctezuma Tovar, owner of Delta Homes and Lending Inc., and his employees falsified loan documents and inflated borrowers' incomes and assets to obtain loans.

"Fraud schemes ... in which real estate professionals submitted false information and phony documents to obtain mortgage loans, are one of the major reasons why this part of California was hit with a foreclosure crisis that negatively impacted home values for many, many homeowners," said U.S. Attorney Benjamin Wagner.

Also named in the indictment were Manuel Herrera, Ruben Rodriguez, Christian Parada Renteria and Jaime Mayorga of Sacramento; Sandra Hermosillo of Woodland; and Jun Michael Dirain of Antelope.

If convicted, they face up to 30 years in prison and $1 million in fines.

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To see more of The Sacramento Bee or to subscribe to the newspaper, go to
http://www.thesunnews.com/

Copyright (c) 2011, The Sacramento Bee, Calif.

Distributed by McClatchy-Tribune Information Services.

For more information about the content services offered by McClatchy-Tribune Information Services (MCT), visit www.mctinfoservices.com, e-mail services@mctinfoservices.com, or call 866-280-5210 (outside the United States, call +1 312-222-4544)


This story was distributed by TNS - Tribune News Service
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