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.

P R E S S   R E L E A S E


Oct. 31, 2011


A Hickory man and former manufactured-housing sales manager pled guilty today in U.S. District Court in Charlotte to conspiring with others to defraud buyers of manufactured housing and the mortgage lenders used for their financing, announced Anne M. Tompkins, U.S. Attorney for the Western District of North Carolina.

U.S. Attorney Tompkins is joined in making today's announcement by Kenneth R. Taylor, Jr., Special Agent in Charge, Office of the Inspector General, Office of Investigation of the Department of Housing and Urban Development (HUD-OIG); North Carolina Attorney General Roy Cooper; Karen Citizen-Wilcox, Special Agent in Charge, Office of the Inspector General, Office of Investigation of the U.S. Department of Agriculture (USDA-OIG); Joseph A. Smith, Jr., North Carolina Commissioner of Banks (NCCOB); and Keith Fixel, Inspector in Charge of the Charlotte Division of the U.S. Postal Inspection Service (USPIS).

A criminal bill of information filed on October 14, 2011, charged Roger Dean Bailey, Jr., 38, of Hickory, N.C., with one count of conspiracy to commit wire fraud and making false statements to HUD; two counts of making false statements to HUD; and two counts of wire fraud. Bailey was formerly the manager of Homes America in Hudson, N.C., a sales branch of Phoenix Housing Group, a manufactured housing retailer previously headquartered in Greensboro, N.C.

According to the criminal information, Bailey was involved with the origination of up to 154 HUD/FHA-insured mortgage loans from 2004 to 2008, totaling more than $16 million, with losses currently exceeding $4.8 million. While the loans were originated by various lenders, 74 of them, totaling more than $9 million, were originated by a single loan officer in Asheville, N.C. The criminal information states that Bailey solicited consumers by misrepresenting financing terms, including ads claiming Homes America had a rent-to-own program when it did not. According to the bill of information, Bailey also collected down payment funds for which borrowers received no credit. Bailey also obtained, as an interested third-party and in violation of FHA regulations, borrower information and documents and provided these, along with altered and forged documents and false information related to customers' income, assets, and credit, to lenders in order to qualify customers for mortgage loans they were not truly qualified for or able to repay. The bill of information states Bailey also obtained inflated appraisals, misrepresented the source of down payment funds, and coerced consumers to sign closing documents.

Phoenix Housing Group, a privately owned partnership with seven to twelve sales branches doing business as Homes America or Southern Showcase Housing in North and South Carolina and Virginia, ceased doing business in January 2011 as part of a settlement with the Consumer Protection Division of the North Carolina Attorney General's Office. This settlement stemmed from a state civil action filed in November 2009, claiming Bailey, then the owner of K and B Home Builders in Hickory, N.C., along with other employees and/or managers of Phoenix Housing Group, as well as other lenders, businesses and individuals, were involved in deceptive consumer practices.

Bailey faces a maximum sentence of up twenty-nine years imprisonment and $1,250,000 for all counts in the bill of information, including five years for conspiracy, two years each for making false statements to HUD and twenty years imprisonment for each count of wire fraud, and fines of up to $250,000 for each count. Bailey's sentence will be influenced by the Federal Sentencing Guidelines, which the Court consults in order to determine the defendant's actual sentence.

Sentences are based upon a formula that takes into account the severity and characteristics of the offense and the defendant's criminal history, if any. A sentencing date for Bailey has not been set yet.

The prosecution for the case is being handled by Assistant United States Attorney Michael Savage of the U.S. Attorney's Office in Charlotte. The investigation is being handled by HUD-OIG and USDA-OIG, investigators with North Carolina's State Bureau of Investigation, the NCCOB, the Consumer Fraud Divisions of the North Carolina Attorney General's Office, and USPIS.

Source: United States Attorney's Office for the Western District of North Carolina

Local Mortgage Fraud news
News about local mortgage fraud.

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