Seven Sacramento-area real estate professionals have been charged with committing mortgage fraud with losses totaling $4 million.
Moctezuma Tovar, 42, owned and operated Delta Homes and Lending, Inc., where Sacramento residents Manuel Herrera, 31, Ruben Rodriguez, 34, and Jaime Mayorga, 32, worked as licensed real estate agents.
A former loan officer, Sandra Hermosillo, 49, of Woodland, along with former loan processors and Jun Michael Dirian, 38, of Antelope and Christian Parada Renteria, 35, of Sacramento also worked for Tovar at Delta Homes.
Between October 2004 and May 2007, the defendants allegedly provided mortgage lenders with false and fraudulent loan applications on behalf of their clients, falsely representing the borrowers' assets, income, liabilities, debts, employment statuses, and citizenship statuses.
The seven real estate professionals also allegedly provided money to their clients to inflate the appearance of their assets and bank account balances. The borrowers then reportedly returned the money after a mortgage loan was secured.
The case was extensively investigated by the FBI. The agency found that aggregate sales prices of the homes involved in the conspiracy exceeds $10 million.
If the defendants are convicted, they could face a statutory penalty of 30 years in prison and a $1 million fine.