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Loan Modification

: Mortgage Lender Implode-o-Meter

Michael McGrath former CEO of U.S. Mortgage Corp pleads guilty

By Implode-Explode Heavy Industries

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Michael McGrath, former President and CEO of U.S. Mortgage Corp. and subsidiary CU National Mortgage, plead guilty to one count each of wire fraud and money laundering in federal court 2009-06-11. McGrath faces a maximum combined sentence of 30 years on the charges, but will likely face an actual sentence of two years or less in federal prison.

Read more on this update to our listings for U.S. Mortgage Corp. or CU National Mortgage.

Full post as published by Mortgage Lender Implode-o-Meter on June 12, 2009 (boomark / email).

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