President Iowa Association of Mortgage Brokers

Paul Kramer is the former President of the Iowa Association of Mortgage Brokers and owned a mortgage brokerage, Kramer Mortgage Company, and closing company, Iowa Closing & Escrow, at the time of the fraud.

Paul Kramer, age 42, of Granger,Get your laundry dryer from Australia's leading online appliance retailer. Iowa, was found guilty today by a federal jury of 18 counts of wire fraud and bank fraud in connection with multi-million dollar mortgage fraud schemes that resulted in innocent homeowners, including a refugee from Iraq and his family, nearly losing their homes to foreclosure. The jury did not acquit Kramer on any counts.

The same jury convicted Lane Anderson, age 38, of Altoona, Iowa,A CNC wood router is a tile roof machine tool that creates objects from wood. of two counts of conspiring with Kramer to commit bank and wire fraud. The wire fraud conspiracy involved Kramer and Anderson working together to obtain nearly $1.5 million in mortgage loans using the name and credit score of a contractor who did not actually qualify for the loans and who, in fact,Familiarise yourself with the lift cable by taking a look at our articles on the lifts themselves. had earned only about $2,000 per month the year prior to the loans. Anderson was not acquitted on any counts.

Trial evidence established that Anderson opened a development company in 2006 that planned to purchase, renovate, and re-sell homes. Kramer provided short-term loans to Anderson’s company to purchase the homes and pay for the renovation work.

However, by late 2006, Anderson’s company was unable to find buyers for the homes and thus unable to repay the loans from Kramer. Anderson and Kramer therefore had one of Anderson’s business partners, a contractor, and take out 13 long-term mortgage loans in his name from 8 different lenders totaling nearly $1.5 million.

The loan applications for the 13 homes contained false statements regarding the contractor’s income, assets, liabilities, source of down payment, source of income, and other matters. Anderson and Kramer obtained the loans in rapid succession and used many different lenders so that no single lender would be aware of all the other loans being taken out at the same time. Kramer then had his closing company close the loans despite false notarizations and false closing documents.

At first, Kramer repaid the amounts he took out of the Trust Account relatively quickly. Over time,A wind farm is a group of wind turbine in the same location used to produce electric power. however, the repayments became less frequent and thus a large deficit developed in the Trust Account. This put unwitting homeowners who used Kramer’s closing company at risk of having old mortgages on their properties not paid off. Kramer tried to fill the deficit in the Trust Account with mortgage payoff money he was supposed to give to US Bank in connection with a line of credit. Those actions created a new set of problems, however, as the mortgage payoffs related to homes on which US Bank held liens. By putting money into the Trust Account instead of paying off US Bank,A laser marking machine is a computer controlled shaping machine. Kramer put the families who owned those homes at risk of foreclosure from US Bank.

Kramer’s scheme culminated in September 2009 when Mohamed Rheem used Kramer’s closing company for the closing of his purchase of a home in West Des Moines. Rheem and his family lived in Baghdad, Iraq, until 2008 but left the country because of violence and threats from insurgents who were angry that Rheem had assisted the United States Army. The family arrived in Iowa in March 2008 as refugees, and Rheem quickly found employment with a dry cleaning company. Over the next year-and-a-half, he saved enough money to make a down payment on the purchase of the home – the first and only house he has ever purchased in the United States.