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If You Have to Run from the Feds…do it in a BMW X3; Mortgage Fraud Indictment Sends California Man Running

8:07 pm   -   November 21st, 2006

In a bizarre story that only gets more strange, Edward Batayeh is now being considered by law enforcement agents to be “armed and dangerous”. This morning as police and FBI agents converged on his home, Batayeh was seen fleeing from his residence at a high rate of speed in his maroon BMW X3. (that’s going to be hard to find).

Mr. Batayeh was indicted by a federal grand jury on Thursday, November 16th. The indictment alleges that Mr. Batayeh is guilty of defrauding secondary market investors from 2000-2004 while serving as executive vice president, chief financial officer and director of operations of CHL Mortgage Group in San Ramon, CA.

One aspect of the scheme as laid out in the indictment is that Mr. Batayeh would present to correspondent investors multiple closed loan packages. Primarily 4 correspondent lenders were alledgedly the recipeint of these fraudulent loans; Aurora Loan Services, First Horizon Home Loans, Gateway Bank and First Collateral.

One of the strangest things in the indictment is that Mr. Batayeh is alleged to have supplied a false resume to Aurora Loan Services under the name of Ed Bhataybh and that this was done recently. Are we to believe that he was trying to get a job with Aurora? I mean, hey, they could at least hire him and if convicted take the $1.7 million he allegedly defrauded them for out of his paychecks.

Everyone please be on the lookout for a maroon BMW X3 with Edward Batayeh at the wheel. For complete listing of the indictment click here.

Ken Stampe
MortgageNewsReview



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