Hickory man gets 30 months in mortgage scheme

Aug. 14, 2014 @ 10:43 AM

A Hickory man has been sentenced to 30 months in prison for his role in a mortgage fraud scheme.

The U.S. attorney's office said Wednesday that 41-year-old Roger Dean Bailey Jr. pleaded guilty in the scheme that involved manufactured and modular homes.

Prosecutors say Bailey was a former sales manager for Homes America in Hudson. They say he persuaded customers to buy homes they could not afford by misrepresenting the financing terms.

Prosecutors also said Bailey secured loans for unqualified customers by giving lenders documents with fraudulent information on borrowers' income, assets and credit.

Prosecutors say between 2004 and 2008, Bailey was involved in the origination of up to 154 fraudulent government-insured mortgages worth $16 million.

Bailey had pleaded guilty in 2011. Six others have pleaded guilty in the scheme.