A 47 count indictment, including charges of fraud and money laundering, was handed down in Mississippi naming as defendants:
Michael Lance Persac, Mortgage Stop Inc., Hinds County, Mississippi
Jason Ellis, Mortgage Stop and Professional Mortgage Consultant Corp., Hinds County, Mississippi
Carroll Ellis Jr., father of Jason Ellis
According to media reports, the government alleges the Ellises and Persac created false documentation, including verifications of income, and made false entries on bank documents to obtain 65 loans for borrowers totaling $3.3 million. Many loans were for home improvements for elderly residents who couldn’t afford the payments. The indictment details a transaction where Persac and Jason Ellis obtained a $49,700 loan for a borrower and then used a portion of the money for their own benefit.
Rachel Dollar, the editor of Mortgage Fraud Blog is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors.