Two executives from Taylor, Bean & Whitaker Mortgage Corp, formerly one of the country's largest privately held mortgage lending companies were sentenced to several years in prison for their involvement in an estimated $3 billion mortgage fraud ring. Former president Raymond Bowman, and former treasure Desiree Brown were convicted for their roles in trying to hide major company losses by transferring money between accounts at Colonial Bank and selling bogus mortgage loans that either were previously sold or never existed. Bowman was sentenced to 30 months in prison while Brown was sentenced to 6 years in prison. Former chairman Lee Farkas who prosecutors named the ring leader of the fraud is set to be sentenced June 27.
According to prosecutors the mortgage fraud ring lasted more than 7 years until August 09 which caused the collapse of Taylor, Bean, & Whitaker mortgage corp and Colonial BancGroup Inc.'s Colonial Bank.
While it seems that the government is starting to make those at fault pay, their are still much bigger fish to fry.
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