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10th Defendant Pleads Guilty To Mortgage Fraud

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May 18, 2009 6:27 pm US/Eastern

10th Defendant Pleads Guilty To Mortgage Fraud

GREENBELT, Md. (AP) ― A 10th person has pleaded guilty in a $35 million mortgage foreclosure rescue scam.

Federal prosecutors say 34-year-old Ronald Chapman Jr. of Washington faces up to 30 years in prison and a $1 million fine for conspiracy to commit mail and wire fraud.

He pleaded guilty on Monday.

Authorities say Chapman and others, through the Lanham-based Metropolitan Money Store, targeted homeowners who risked losing their homes.

The scheme took advantage of homeowners and lenders by using straw buyers, fraudulently obtained loans and inflated real estate appraisals to strip equity from more than 100 homes from 2004 to 2007.

Losses attributable to Chapman's role are between $200,000 to $400,000.

As part of his plea, Chapman has agreed to pay restitution for the full amount of victims' losses.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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