POSTED May 18, 2009 | 8:05 PM
DC: Prince George's Co.
Md. loan officer admits role in $35 million scam:
A Maryland loan officer pleaded guilty Monday in connection with a $35 million mortgage fraud scheme.
Ronald A. Chapman, 34, faces up to 30 years in prison for his role in what prosecutors have dubbed the Metropolitan Money Store scheme. Chapman, of D.C., was the 10th defendant convicted in the scam.
The Lanham store falsely promised to help homeowners facing foreclosure keep their homes and repair their damaged credit, prosecutors said. The homeowners allowed the title to their homes to be put in the names of straw buyers, prosecutors said. The conspirators fraudulently obtained equity from the homes and transferred the money into their own accounts, prosecutors said.
