jail 02Mortgage brokerage CEO jailed for stealing homes, renting them back to struggling homeowners

 

This is a housingwire.com article.

 

Direct Money Source CEO guilty of conspiracy, loan fraud, aggravated identity theft.

The former owner and chief executive officer of a California mortgage brokerage will spend nearly the next eight years in federal prison after pleading guilty to charges that he falsely promised to help distressed homeowners avoid foreclosure.

But instead of actually helping the struggling homeowners keep their homes, David Singui, and his company, Direct Money Source, stole the equity in the homes and served as the homeowners’ impostor landlord for a period of years, the U.S. Attorney’s Office for the Central District of California said this week.

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