Mortgage broker charged with fraud in subprime mortgages

[Robbien]

Source: AP

BOSTON (AP) - A Boston mortgage broker has pleaded innocent to a 21-count indictment accusing her of fraudulently arranging subprime mortgages in the Dorchester neighborhood.

Nicole Lyder entered the plea at her Suffolk Superior Court arraignment on Wednesday, a day after she was arrested on unrelated charges in Norfolk County. She was ordered held on $500,000 bail pending a May 29 hearing.

Lyder was indicted by a grand jury last week on charges she repeatedly engaged in fraud to secure subprime mortgages for buyers who couldn't afford the loans.

Read more: http://www.eyewitnessnewstv.com/Global/story.asp?S=8112568

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Every day there are two or three more local stories of an indictment of mortgage brokers and their predatory practices. National news ignores these stories and keeps putting all the blame on the homeowner. . . of course.

[dkf]

1. Sounds good. Lock em up.

[Javaman]

2. *GASP!* You mean the home buyers weren't at fault????

Contrary to what many on here spew on and on about?? soooooo very hard to believe.

:eyes:

[DCKit]

3. What about their bosses?

You know, the people who demanded higher revenues at any cost?

[Robbien]

4. Most mortgage brokers are self-employed independent contractors

who are just the go-between between the homeowner and the lender.

Just another predatory layer in the predation chain with which one gets entangled when purchasing a home.