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University Place Home Loan Lender Convicted in Mortgage Fraud Scheme

thenewstribune.com | April 22, 2014

By Adam Lynn

A University Place man who once described himself as "a wolf" for his hardball lending tactics has been convicted in U.S. District Court of lying on federal loan applications and conspiracy to submit fraudulent applications.

The U.S. Attorney's Office announced the guilty pleas of Emiel Kandi on Monday.

Federal prosecutors will recommend a sentence of six years, six months in prison when Kandi is sentenced in September, the U.S. Attorney's Office reported.

Kandi has agreed to pay more than $830,000 in restitution to the federal Department of Housing and Urban Development.

A grand jury indicted Kandi in June in an alleged mortgage fraud scheme.

Federal prosecutors said he submitted false information on at least 19 home mortgage loan applications in 2008 and 2009 for properties in Gig Harbor, Puyallup, Roy, Kent and Vancouver,  Wash. 

The loans, which were insured through the federal government, were designed to let Kandi cash out of properties, seize a borrower's home and sometimes sell it quickly for a profit, prosecutors said.

Kandi was accused of lying about borrowers' employment history, income and other information on applications.

He was known as what's called a "hard money lender." His clients typically were people who could not get a traditional bank loan but were desperate for cash to keep their homes.

Kandi charged exorbitant interest rates -- in one case 45 percent -- and would foreclose on people for missing a single payment. 

In a 2010 story, Kandi told The Seattle Times he was "a wolf" when it came to calling in loans.

 

Back to April 2014 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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