Thursday, May 28, 2009

99 years in Prison for Mortgage Fraud

Recently, a woman from North Texas was sentenced to 99 years in prison for being involved in a mortgage fraud scheme. Yes you read it right! 99 years in jail. One can rather say life imprisonment. Kandace Yancy Marriott, a 52 year old lady of Gun Barrel City, was found guilty of framing a complicated mortgage fraud that cost taxpayers more than $3 million.

Kandace Yancy Marriott

A Navarro County jury found this Mom guilty of forging signatures of home-owners, supporting loan applications with false documents and incorrectly completing loan applications. Together with Kandance Marriott, her husband Darrell L. Marriott, their daughter Kally Marriot and Kandance's sister, Karen Hayes, were also involved in this major criminal activity. All of the defendants are facing different charges for related criminal conduct.

According to the prosecutor, such fraud scheme was orchestrated at their own company, One Way Home and Land. They targeted mainly low-income people whose loans were guaranteed by the U.S. Department of Housing and Urban Development. Due to this reason, the mortgage lenders did not face much financial losses but the tax payers and HUD had to cover up the costs.

The additional number of years in this tough sentence was a consequence of multiple criminal offenses committed by her. Nearly a century in prison, is it too harsh?

On the brighter side, at least from now onwards, one will fear before framing any mortgage fraud scheme, and hopefully this would further reduce the number of occurrences of fraud cases.


  1. I wonder if the penalty would have been so harsh 5 years ago. It seems to me that she is being held responsible for the world financial crisis.

  2. I have become a great fan of your blogs!!