DJC.COM


Nov 17, 9:52 AM EST

Maryland woman sentenced in mortgage fraud; ordered to pay $16 million in restitution

Latest News
Federal, state officials host event in Las Vegas to highlight Nevada mortgage fraud problem

Virginia Beach man pleads guilty to wire fraud in $3 million mortgage loan scheme

NH AG seeks involuntary bankruptcy for mortgage company that closed suddenly this month

7 people charged in California for alleged $17 million securities and mortgage scam

New York judge orders convicted mortgage scammer to give lectures on fraud

Documents
Securities fraud complaint against James Nicholson
Securities fraud complaint against Greenwood and Walsh
Buy AP Photo Reprints

Your Questions Answered
AP answers your questions on the news, from space shuttle complexity to a credit union agency

GREENBELT, Md. (AP) -- Federal prosecutors say a woman has been sentenced to more than 12 years in prison for her role in a mortgage fraud scheme.

Forty-one-year-old Joy Jackson of Fort Washington was also ordered at sentencing on Monday to pay more than $16 million in restitution and to forfeit homes and cars.

Prosecutors say Jackson oversaw the Lanham-based Metropolitan Money Store, which cheated lenders and homeowners facing foreclosure.

The scheme took advantage of homeowners and lenders by using straw buyers, fraudulently obtained loans and inflated real estate appraisals to strip equity from more than 100 homes from 2004 to 2007.

© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy.

[Get Copyright Permissions]Click here for copyright permissions!
Copyright 2008 Associated Press