Former New Jersey LO sentenced for role in mortgage fraud scheme – NMP Skip to main content

Former New Jersey LO sentenced for role in mortgage fraud scheme

Jun 11, 2010

Monica Cardona, a former loan officer at a Hackensack, N.J.-based real estate company, has been sentenced to a year and a day in prison for committing mortgage fraud in connection with the sale of a residential property she owned in Westwood, N.J., United States Attorney Paul J. Fishman announced. Cardona of Upper Saddle River, N.J., pleaded guilty before United States District Judge William H. Walls on Jan. 26, 2010, to a criminal Information that charged her with devising a scheme to obtain money from IndyMac Bank FSB through materially false representations. At her plea hearing, Cardona admitted that she falsely inflated the income and assets reported on a mortgage loan application and on supporting documents that she submitted to IndyMac in the name of a woman who worked cleaning her office. Cardona further admitted that she submitted the application to further the sale of a residential property she owned to the woman, and that she received proceeds from that sale. Judge Walls continued Cardona’s release on a $100,000 unsecured bond pending her surrender to U.S. Bureau of Prisons officials on or before Aug. 9, 2010. In addition to the prison term, Judge Walls sentenced Cardona to three years of supervised release and ordered her to pay restitution in the amount of $174,714. The restitution amount included losses to IndyMac due to its foreclosing on the property, as well as additional amounts Cardona charged to credit cards she took out in the name of the woman to whom she was selling the property. In determining an actual sentence, Judge Walls consulted the advisory U.S. Sentencing Guidelines, which recommend sentencing ranges that take into account the severity and characteristics of the offense, the defendant’s criminal history, if any, and other factors, including acceptance of responsibility. Parole has been abolished in the federal system. Defendants who are given custodial terms must serve nearly all of that time. U.S. Attorney Fishman credited Postal Inspectors of the United States Postal Inspection Service, under the direction of Inspector in Charge David Collins, for the investigation leading to Cardona's sentence. The case was prosecuted by Assistant U.S. Attorney Charlton A. Rugg of the United States Attorney’s Office Economic Crimes Unit in Newark. For more information, visit www.usdoj.gov.
About the author
Published
Jun 11, 2010
Jobs Report Comes In Weak After Mortgage Rates Surge

Employers added just 29,000 jobs in September, sending Treasury yields lower and offering a potential counterweight to the recent rise in mortgage rates

Oct 02, 2026
Price Cuts Hit Four-Year High As Mortgage Rates Top 7%

More than one in five listings took a price cut in September, but pending sales still posted their sharpest annual decline since March 2025

Oct 01, 2026
Serious Mortgage Delinquencies Rise 19% After Five Months Of Improvement

ICE data shows 574,000 mortgages were at least 90 days past due in August, while early-stage delinquencies remained below year-ago levels

Sep 29, 2026
Smaller Down Payments Give Buyers More Room, But Rates Limit The Savings

The typical down payment fell 9% from a year ago, while shifting market conditions are giving originators different affordability conversations across the country

Sep 25, 2026
Mortgage Rates Break 7% Just As Builders Find A Way To Move Buyers

New-home sales rose 6.4% in August as builders cut prices, offered incentives, and sold more lower-priced homes. Now mortgage rates are moving against buyers again

Sep 25, 2026
Borrowers Want Digital Closings, But Some Originators Remain Hesitant

ServiceLink finds 45% of surveyed LOs cite borrower reluctance as a barrier, even though most recent buyers say digital options would influence their choice of mortgage provider

Sep 23, 2026