BofA, JP Morgan Chase Bank Employees Cop Fraud Pleas; Admit Falsifying Info On Loan Applications For Mortgages That Wound Up In Foreclosure

In Florence, South Carolina, the Lake Wylie Pilot reports:

• Two former bank officials in South Carolina have pleaded guilty to fraud charges. Multiple media outlets reported 58-year-old Gary Albert Hager and 44-year-old Jill Diane Brennan pleaded guilty to conspiracy to commit bank fraud in federal court in Florence on Monday.

• Hager and Brennan admitted falsifying information on loan applications so banks would approve mortgages that wound up in foreclosure. Hager worked at the J.P. Morgan Chase office in Myrtle Beach. Brennan worked at a Bank of America office in Myrtle Beach. U.S. District Judge Terry Wooden agreed to allow them to remain free until they are sentenced in about two months. Each face up to 30 years in prison. Hager and Brennan also face possible fines of up to $1 million each and could be ordered to pay restitution.

Source: 2 plead guilty in SC bank fraud case.

For a more detailed story, see The Sun News: Myrtle Beach lenders admit fraud (Two plead guilty in mortgage investigation).