Atlanta, Georgia real estate agent Eric Hill has been sentenced for his participation in a mortgage fraud scheme that netted over $21 million in fraudulent mortgage loans. Many of the fraudulent loans were insured by the Federal Housing Administration (FHA), resulting in over $850,000 in claims being paid for mortgages that have defaulted. Hill also engaged in a scheme to defraud his employer, a national real estate developer, out of over $480,000 in real estate commissions. According to Acting U.S. Attorney Kurt R Erskine, the charges and other information presented in court: The defendants participated in a scheme in which homebuyers and real estate agents submitted fraudulent loan applications to induce mortgage lenders to fund mortgages. Eric Hill and Robert Kelske were real estate agents who represented a major nationwide homebuilder. Hill and Kelske helped more than 100 homebuyers who were looking to buy a home, but who were unqualified to obtain a mortgage, commit fraud. The agents instructed the homebuyers as to what type of assets they needed to claim to have in the bank, and what type of employment and income they needed to submit in their mortgage applications.
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