General World News

Ex-MBA prez Ronald McCord to pay $52M mortgage fraud penalty

A federal judge ordered Ronald McCord, the founder of Oklahoma City-based lender and servicer First Mortgage Company, who was also once the president of the Mortgage Bankers Association (MBA), to pay $51.8 million in restitution for mortgage fraud.

United States District Judge Robin Cauthron ordered McCord also serve 8.5 years in prison — the maximum the federal government said it would seek — as well as three years of supervised release. McCord’s penalty is dwarfed by the $95 million that Cauthron found he cost local banks, financial institutions and homeowners, during his sentencing in the Western District of details ⇒

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