Skip to main content

Minnesota Mortgage Broker Faces Five Years Behind Bars in $5 Million Fraud Scam

NationalMortgageProfessional.com
Jul 25, 2011

Lindsey Rae Loyear from St. Paul, Minn. has been charged with participating in a scheme to defraud mortgage lenders out of more than $5 million. From 2006 through October of 2008, Loyear allegedly conspired with others to defraud mortgage lenders in connection with financing real estate transactions in the Twin Cities, including the purchase of Cloud 9 Sky Flats development in Minnetonka, Minn. The scheme involved the submission of false information to lenders in order to obtain mortgage loans. If convicted, Loyear faces a potential maximum penalty of five years in prison. This case is the result of an investigation by the Federal Bureau of Investigation and the United States Postal Inspection Service. It is being prosecuted by Assistant U.S. Attorneys Robert M. Lewis and Tracy L. Perzel. As a real estate agent and mortgage broker, Loyear allegedly concealed information from potential lenders, including that she had arranged short-term loans to buyers to use as downpayments and had paid cash kickbacks to buyers for purchasing the properties. Altogether, more than 130 units were sold through the scheme, and more than $8 million was transferred to accounts, which were then used to pay kickbacks and share loan proceeds among co-conspirators.
Published
Jul 25, 2011
'A Long Road To Normal'

Nominated again to lead The Fed, Powell tells Senate committee to expect three rate hikes, but 'if we have to raise interest rates more over time, we will.'

Regulation and Compliance
Jan 11, 2022
CFPB: Complaint Response Worsens At Big 3 Credit Bureaus

Report claims Equifax, Experian, and TransUnion routinely failed to fully respond to consumers with errors.

Regulation and Compliance
Jan 10, 2022
The Fed Names Chairs, Deputy Chairs For 12 Reserve Banks

In recent years, the Federal Reserve System has worked to increase the overall diversity of the Reserve Bank and branch boards of directors and continues to build on those efforts.

Regulation and Compliance
Jan 06, 2022
The Fed: Rate Hike Likely Coming in June

Federal Open Market Committee's December minutes reveal discussion of first hike in federal funds rate in 2Q of 2022, as well as of ending asset purchases by March.

Regulation and Compliance
Jan 05, 2022
AARMR No Protection For Savanah Scares

Conference provides opportunity for regulators to interact, discuss common topics

Regulation and Compliance
Jan 04, 2022
McCargo Sworn In As Ginnie Mae President

Former HUD official becomes the first female to lead the Government National Mortgage Association.

Regulation and Compliance
Jan 04, 2022