Man jailed for 14 years for £84m mortgage fraud

The defendant, Michael McGrath, sold Fannie Mae hundreds of loans belonging to credit unions. He then sent false reports to the credit unions falsely stating that the loans were still in the unions’ portfolios. McGrath operated the scheme from early 2002 for seven years. In June 2009, he pleaded guilty to two counts of conspiracy, including one count of wire fraud and one count of money laundering, reported Reuters. He admitted in court that he had conspired with several colleagues from broker firm US Mortgages Corp over a five-year period, to fraudulently sell the credit union loans....