3 face prison in loan case - MSNewsNow.com - Jackson, MS

3 face prison in loan case

JACKSON, Miss. (AP) - A Ridgeland-based mortgage broker and two associates have been found guilty of obtaining about $9 million in fraudulent home loans.

Fifty-4-year-old Mark Calhoun, owner of Silver Cross Financial Group, was found guilty Monday on 36 of 38 counts.

His associates, 69-year-old J. Larry Kennedy and his son, 45-year-old Keith Kennedy, who operated Loan Closings and Title Services Inc. of Jackson, were convicted on all counts.

U.S. District Judge Dan Jordan allowed the three to remain free on bond until sentencing. They face up to 100 years in prison.

Federal prosecutors said that from September 2004 through July 2006, Calhoun and others recruited people to purchase homes as investors for the purpose of immediately leasing the property to other tenants.

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