Eric Elegado Sentencing

UPDATE: 3 years for both Eric and his wife.

http://m.utsandiego.com/news/2014/mar/27/elegado-mortgage-fraud-real-estate-sentence/

Who is Eric Elegado the Mortgage broker? He was a client of mine. Many have wondered what happened after his arrest in San Diego. Here is the latest. Knowing that almost every mortgage broker I knew was faking income for clients I bet many are wondering if the FBI is coming for them. We can only guess that Eric's flashy lifestyle made him a target of investigation. I also conclude that the falsification of documents was a large cause of the Great Recession that put many people out of work, bankrupted small businesses, homes lost, homelessness, pain and suffering worldwide that still effects many family's to this day 5 years later. Had mortgage brokers held a higher ethical standard and followed policy maybe the crash would not have happened? Pure speculation.

http://www.fbi.gov/sandiego/press-releases/2013/local-real-estate-agent-and-former-account-executive-of-a-lending-institution-plead-guilty-to-conspiracy-to-commit-a-massive-mortgage-fraud-causing-17-million-in-losses