A Clermont man has decidedly taken the plea route, conceding to a scheme to defraud banks in a mortgage fraud conspiracy. Carlos Calderon, 56, could potentially face up to 30 years in a federal penitentiary. The countdown to his sentencing, however, is still on hold, with the date unannounced, as chronicled by the U.S. Attorney's Office for the Middle District of Florida.
Per the plea agreement, Calderon, alongside unidentified partners in crime, arranged a plot to craft phony paystubs. These documents falsely claimed that borrowers, who otherwise wouldn't scratch the surface of qualifications needed by financial institutions for mortgage loans, were gainfully employed and earning substantial income. Calderon's role was not just to generate these documents but also to forward them to a co-conspirator, who then confidently submitted them to the banks. These deceptive tactics saw the financial institutions approving and funding the loans which were later secured and guaranteed by the likes of Freddie Mac and the Federal Housing Administration.
The exposed fraud was the product of diligent investigation spearheaded by the Federal Housing Finance Agency – Office of Inspector General and the United States Department of Housing and Urban Development – Office of Inspector General. The pursuit to prosecutorial endgame is currently in the hands of Special Assistant United States Attorney Chris Poor.
Calderon's guilty plea underscores a wider issue of mortgage fraud and its reverberating impacts on financial institutions and the housing market.
