Source: MPA —
After months of protesting his innocence, a former chairman of the Mortgage Bankers Association is headed to prison for defrauding two warehouse lenders by selling more than $14 million of their loans “out of trust.”
Ronald McCord, founder of Oklahoma City-based First Mortgage Company (FMC) and one-time annual chairman of the Mortgage Bankers Association, faces up to 40 years in federal prison and a fine of up to $1.25 million. McCord pleaded guilty to five felony counts, including bank fraud, money laundering, and making a false statement to a financial institution. A state grand jury handed down a 24-count indictment against McCord last June based on an investigation by the Inspector General of the Federal Housing Finance Agency.