NEWARK, N.J.-The president and major owner of US Mortgage Corp. and its CU National unit is preparing to plead guilty to fraud and conspiracy charges relating to the transfer of as much as $160 million of credit unions' mortgages being serviced by the company to Fannie Mae, according to several sources involved in the case.
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McGrath, whose family controlled the firm, allegedly posed as an officer of dozens of CUs and sold the mortgages to Fannie Mae without their knowledge and without passing on the funds.
Several other U.S. Mortgage executives are reported to be in plea negotiations.
