Mark D. Musselman, 49, Clayton, Ohio was indicted on 48 felony counts and Mark S. Edwards, 48, Piqua, Ohio was charged with 59 felonies in connection with allegations that they falsified two dozen mortgages, including mortgages to borrowers who were previously deceased. The two ran a now defunct mortgage brokerage, Phoenix Funding, that was located at 303 Corporate Way, Vandalia, Ohio.
According to media reports, both Musselman and Edwards are convicted felons. In 1987, Musselman was convicted on federal embezzlement charges and in 2003, Edwards plead guilty to possession of criminal tools and cocaine.
Also according to media reports, ABN AMRO filed a lawsuit in Montgomery County Common Pleas Court in May against Musselman, Edwards, title companies and title insurance companies claiming that 23 borrowers on its loans were deceased.
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.