Updated on Jul 1, 2011 at 1:31 PM by DailyBail
Exhibit A: $1.9 Billion in Mortgage Fraud; Exhibit B: Orange Jumpsuit
Lee Farkas, the former chairman of Taylor, Bean & Whitaker Mortgage Corp., was sentenced by a federal judge to 30 years in prison for his part in a multibillion dollar mortgage fraud scheme, The Wall Street Journal reported Thursday in its online edition. Farkas was convicted in April of misappropriating about $3 billion from banks like Colonial Bank of Montgomery, Ala.; trying to bilk the government's Troubled Asset Relief Program out of $550 million; and pocketing $40 million.
What's interesting about this case is the role that Fannie Mae played in creating this fraud by overlooking Farkas' crimes, as Bloomberg reported yesterday.
Full story inside.