Mortgage And Real Estate News

Saturday, August 24, 2013

California man gets prison in Arizona housing scheme


A California man was sentenced this week to five years in prison for his involvement in a scam in which many Arizona Latinos lost their homes.

Frank Becerra Campos, 66, of San Diego, and two other men ran advance-fee mortgage-rescue companies that collected at least $669,743 in up-front fees from more than 260 homeowners “in exchange for loan modification services they utterly failed to provide,” according to court documents.

More than half of those homeowners were in Arizona, said Cosme Lopez, public-affairs officer with the U.S. Attorney’s Office in Phoenix.

Campos, who speaks Spanish, and Miguel Carrera and Oswaldo Esqueda, both Mexican citizens who lived in Arizona, targeted mostly “distressed” Latino homeowners, according to the U.S. Attorney’s Office.

Read more...California man gets prison in Arizona housing scheme

Reuters: Business News

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