| Loan processor guilty to selling aliens homes Original Source Link: (May no longer be active) http://kansascity.bizjournals.com/kansascity/stories/2005/07/18/daily19.htmlhttp://kansascity.bizjournals.com/kansascity/stories/2005/07/18/daily19.html
Kansas City Business Journal - 2:07 PM CDT Tuesday Two from KC area plead guilty to home-loan fraud
A real estate agent and a loan processor pleaded guilty to a conspiracy to sell homes to illegal aliens using a Federal Home Administration loan program, Kansas U.S. Attorney Eric Melgren said Tuesday.
Carlos Ruano Cruz of Kansas City, Kan., and Mary Rachel Olivarez of Shawnee entered pleas Monday to one count each of conspiracy to defraud the loan program, Melgren said in a written release.
Cruz submitted 24 fraudulent FHA loan applications for a total of $1.4 million to Olivarez, who was manager of American Home Loans in Shawnee, Melgren said.
Cruz and Olivarez knew that the applications included false Social Security numbers and that the borrowers were illegal aliens, Melgren said.
Cruz and Olivarez each face a maximum penalty of five years in prison and a fine of as much as $250,000. Their sentencing hearing has not been scheduled.
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