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Aw, you'll never get caught
Rancho Santa Fe "liar loan" promoter gets 30 months
Donald Totten, who sold "liar loans" and other mortgage swindles from his home in Rancho Santa Fe, today (October 24) was sentenced to 30 months in prison. During the years of the mortgage craze that almost led to a worldwide financial calamity, Totten pulled numerous tricks, advertising on national TV for such companies as AS Money World and Integrated Home Loans.
According to the U.S. Attorney's office, Totten pitched "stated income" (liar) loans, which did not require adequate documentation to support a borrower's claimed income. To get lenders to fund the loans, Totten and his crew would make up false financial information for clients.
Totten also touted an "adjustable rate negative-amortization loan," which permitted borrowers to make monthly payments so low that they didn't cover interest charges or contribute to the outstanding principal balance. Of course, they increased the borrowers' principal loan balance.
To skim inflated equity from real estate sales, Totten recruited straw buyers in the purchase and resale of property. The loan applications included false information such as fictitious employment records and other fabricated documents.
Here's something you might be interested in.
Aw, you'll never get caught
Rancho Santa Fe "liar loan" promoter gets 30 months
Aw, you'll never get caught
Rancho Santa Fe "liar loan" promoter gets 30 months
Donald Totten, who sold "liar loans" and other mortgage swindles from his home in Rancho Santa Fe, today (October 24) was sentenced to 30 months in prison. During the years of the mortgage craze that almost led to a worldwide financial calamity, Totten pulled numerous tricks, advertising on national TV for such companies as AS Money World and Integrated Home Loans.
According to the U.S. Attorney's office, Totten pitched "stated income" (liar) loans, which did not require adequate documentation to support a borrower's claimed income. To get lenders to fund the loans, Totten and his crew would make up false financial information for clients.
Totten also touted an "adjustable rate negative-amortization loan," which permitted borrowers to make monthly payments so low that they didn't cover interest charges or contribute to the outstanding principal balance. Of course, they increased the borrowers' principal loan balance.
To skim inflated equity from real estate sales, Totten recruited straw buyers in the purchase and resale of property. The loan applications included false information such as fictitious employment records and other fabricated documents.
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