A former Chesapeake resident has pleaded guilty to falsifying her income in order to obtain $941,000 in mortgage loans.
Marcia L. Ramsey pleaded guilty Wednesday in U.S. District Court to making a false statement in an application for a mortgage loan from a federally insured bank.
The 51-year-old resident of Hallendale Beach, Florida faces up to 30 years in prison and a $1 million fine when she is sentenced June 21.
Court documents show Ramsey and another person contracted to buy a new home on ten acres in Chesapeake in January 2007. At the time, Ramsey was earning less than $100,000 per year. But in her bank loan applications, she reported earning about $20,000 per month.
After making two monthly mortgage payments, Ramsey defaulted on the loans and filed for bankruptcy in August 2007.
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