Former Bend broker admits mortgage fraud

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by Associated Press

NWCN.com

Posted on November 15, 2012 at 11:06 AM

BEND, Ore. -- A former Bend mortgage broker has pleaded guilty to charges alleging he falsified documents and padded the bank accounts of borrowers so they could get loans.

Federal prosecutors said the crimes cost banks $2.5 million to $7 million.

The Bend Bulletin reports that 43-year-old Peter Wilkinson faces sentencing Jan. 29 in Eugene.

In court documents, prosecutors list 26 instances of falsified information between October 2005 and June 2007, resulting in $9 million in financing.

Among the ploys the documents describe: inflating monthly incomes and leaving out liabilities, using "straw buyers" to get financing, and depositing money into borrowers' accounts to temporarily inflate them.

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