Broker Pleads Guilty - This One Cuts Deep

February 16th, 2008 · No Comments

In some respects, I should not be surprised. In hearing that a Houston-based mortgage broker had pleaded guilty two weeks ago to one count of bank fraud and one count of engaging in monetary transactions in property derived from specific unlawful activity, it was easy to chalk it up to just one more example of greed overtaking any form of rational thinking.

For me, however, this one cuts a little too close for comfort. The broker in question is Richard Bell, a former top-producing broker with Allied Home Mortgage Capital Corporation and for four years, one of my best customers. What makes the story all the more remarkable is that I, as a wholesale lender, never suspected him of anything remotely suspicious.

The rest of the post points out how people with a sterling reputation can take a turn for the worse - fascinating reading at   (BC)

Tags: Blogs · Commentary · Mortgage Market

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