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According to Timothy M. Morrison, U.S. Attorney for the Southern District of Indiana, between 2003 and 2005, Hampton operated a real estate company, Glen Mar Land & Home Corp., which purchased distressed homes for $5,000-$30,000.

As an enticement to the investors, Hampton promised that he'd find renters and make up any missed payments for the first six months. Nearly all of the properties are now in foreclosure.

Hampton would perform minimal repairs and sell the properties for $60,000-$70,000. By recruiting investors to purchase the properties, he would promise to pay the down payments and give them $1,500 incentive fees, Hampton made an average of $20,000 profit on each property. Hampton set the prices instead of the prices being arm's length transactions. None of these facts were disclosed to the lenders.

After pleading guilty to mortgage fraud, U.S. District Judge Sarah E. Barker sentenced Marvin G. Hampton of Noblesville, Ind., to 12 months' home confinement, followed by one year supervised release. Judge Barker also ordered Hampton to pay $262,424 in restitution.

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Mortgage Loan Compliance

www.ml-compliance.com

Posted by Customer Service on July 15th, 2009 11:41 AMPost a Comment (0)

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