A Bronx woman has admitted she was part of a ring that committed mortgage fraud by obtaining home loans for unqualified borrowers, causing M&T Bank and other financial institutions to lose $1.75 million, the U.S. Attorney's Office in Buffalo announced Friday.
Tina Brown, 42, pleaded guilty to conspiracy to commit wire and mail fraud affecting a financial institution Thursday in Buffalo before U.S. District Judge Frank P. Geraci, Jr.
Prosecutors say Brown and three co-defendants, who already were convicted, between June 2008 and February 2009, concocted a scheme to obtain eight loans for unqualified borrowers for Bronx homes. Brown used a relative to purchase a property and falsely verified the buyer worked for her company in order to inflate the buyer's income to qualify for a mortgage.
Sentencing is set for Jan. 16. Brown faces up to 30 years in prison and a $1 million fine.