Mark S. Edwards pled guilty to 48 felony counts involving appraisal and mortgage fraud committed between April 2002 and February 2003.
Edwards and Mark D. Musselman were indicted in connection with allegations that they falsified two dozen mortgages, including nearly a dozen mortgages to borrowers who were previously deceased. Musselman and Edwards are accused of forging appraisals, loan applications and other documents according to media reports. The two ran a now defunct mortgage brokerage, Phoenix Funding in Vandalia, Ohio.
Edwards pled guilty to 34 counts of forgery, 12 counts of tampering with records, 1 count of aggravated theft and 1 count of engaging in a pattern of corrupt activity.
Edwards faces a maximum sentence of up to 157 years in prison and $365,000 in fines.
Musselman’s trial is scheduled for April 2, 2007.
Folks should really be better informed about how to get a loan from a legit subprime lender, so they don’t have to go to frauds like this guy. At least they can go to housemath.us to learn about all the costs associated with owning a home under various types of loans, so they can make a more informed decision.
Musselman’s defense is TOGDI, The Other Guy Did It. Edwards isn’t even close to being smart enough to have done this on his own, Musselman was the “brains” behind the fraud, not a victim like he claims. The true victims are the mortgage companies, lenders and honest home buyers. That and the cost of taking slime like him to trial.