A former Sacramento man has pleaded guilty to his role in a mortgage fraud scheme.
Joshua Clymer, currently of San Francisco, pleaded guilty Monday to conspiracy to commit mail and wire fraud, according to a federal Department of Justice news release.
According to court documents, from approximately October 2006 through August 2008, Clymer participated in a mortgage fraud scheme involving multiple properties in the Sacramento area. As part of the scheme, Clymer and a business partner used several fraudulent tactics to help buyers secure loans from lenders. They included inflating the buyer’s income, providing false employment histories, falsifying gifts made to the buyers and giving undisclosed cash back to come buyers outside of escrow.
Buyers of the properties later defaulted on their loans, leading to foreclosure sales, and in one instance a loan modification. The estimated loss associated with Clymer as a result of these activities is approximately $352,000, authorities said.
The case resulted from an investigation by the FBI and the Internal Revenue Service, Criminal Investigation.
Clymer is to be sentenced Sept. 22 by U.S. District Judge William B. Shubb.