Tuesday, March 9, 2010

Another local indictment

According to the Grand Jury Indictment filed January 20, 2010, Susan Lynn Maroon defrauded Guaranty Bank. Ms. Maroon was a mortgage broker who was the owner of Maroon Mortgage in Eldridge, Iowa. Guaranty Bank required that Ms. Maroon's borrowers had $500 in the bank to qualify for the loan. Apparently these particular borrowers did not have enough money in the bank to qualify. The indictment says that over a period of five days, she gave the borrowers a total of $1,250 to put in their account, and then, after Guaranty verified that the borrowers had the money in their bank, Ms. Maroon had the borrowers withdraw the money and return it to her. Of course, logic would tell us that since these folks did not even have $500 of their own money in their bank account prior to closing, they might default on the loan. They did. The indictment claims that Guaranty lost more than $88,000 after the borrowers defaulted.

What can be the justification here? That she was trying to help these folks out by allowing them to purchase a home? They lost their home and their credit is trashed. Sure, the borrowers have responsibility here, but they would not have been able to get in this position without the complicity of Ms. Maroon as alleged in the indictment. If you really want to help someone in such a situation, tell them to come back when they were in a position to legitimately qualify for the loan, maybe even give them suggestions on how they could get there.

According to PACER, the trial is set for April 5, 2010.

Update: The trial has been continued to May 3, 2010.

Update 2: The trial has been continued to August 2, 2010.