Ex-Mortgage Lender Found Guilty Of Fraud

Originally published on April 20, 2011 7:37 am
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RENEE MONTAGNE, host:

NPR's business news starts with a guilty verdict for mortgage fraud.

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MONTAGNE: In one of the few prosecutions linked to the housing meltdown, the former chairman of a major mortgage lender was convicted of fraud yesterday. Lee Farkas was chairman of Taylor, Bean and Whitaker. Prosecutors say Farkas orchestrated a long-running scheme that cheated investors and the government out of billions of dollars and caused a major bank to collapse. Farkas now faces decades in prison. Transcript provided by NPR, Copyright NPR.