Stephanie Garrett, 51, mortgage broker, Mayfield Heights, Ohio was sentenced to two years in prison and ordered to pay restitution of almost $1 Million. Cornelius Durden, 33, Cleveland, Ohio, was sentenced 30 days in jail and ordered to pay restitution of $550,000. Durden pled guilty to forgery.
Garrett forged credit information to help buyers purchase houses in Cleveland, Cleveland Heights and East Cleveland. Ohio, in 2004 and 2005 according to media reports. Durden bought six 10 houses involved in the scheme. Durden pocketed some loan money and Garrett received commissions. The scheme collapsed, according to media reports, when Durden tried to buy a seventh home and authorities were alerted due to a forged document.
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.