Downwardly: crooked loans officer loses own house

by Actual News Geezer | October 13, 2008 at 05:58 pm

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Now this downwardly story has a sweet sense of justice about it. A mortgage loans officer from Waterford, Conn., was just convicted of defrauding over 200 borrowers. He's now downwardly too:

Jose M. Guzman, a former loan officer who pleaded guilty last month to defrauding more than 200 borrowers in New London County, has lost his house in Waterford to foreclosure, the town clerk's office confirmed Thursday.
The house at 28 Braman Road, formerly owned by Guzman and his wife, Patria, was deeded back to the mortgage holder, Deutsche Bank National Trust Co., on Sept. 4, according to Town Hall records. The couple had bought the four-bedroom, four-bath home five years ago for $400,000, according to an online listing at the real estate search engine trulia.com.

Guzman used a variety of schemes to arrange loans for financially unqualified buyers, making a profit on the sales as well as fee for his services. He is expected to be sentenced Dec. 2 and could face up to 20 years in prison and a requirement to pay restitution of $7.2 million.