“CT Resident Pleads Guilty”

I read this story about Thomas Proenzano who obtained a mortgage in the amount of $923,200. He purchased a lakefront home in Morris, CT indicating that his income is $20,000 per MONTH, but as it turned out his actual income was less than $50,000 a YEAR. There was a bunch of other stuff that was part of the history.

To make matters worse, the property was refinanced a year later, putting a $936,000 new mortgage on the property and it was disclosed that his income was $28,000 per month, nice pay increase. He actually didn’t work for the company at all. Apparently, his so called employer was a co-conspirator, supplied a verification of employment for both transactions.

This kind of stuff drives me crazy. Is it worth going to jail and end up with nothing? I have never understood the greed or stupidity. He will be sentenced in April and the story I read says he could be sentenced for up to 55 years.

I know that I am not alone when comes to reactions to these kinds of stories. Most loan officers are honorable and do great work, but stories like this give all of us a black eye and create distrust with the public.