An update on the Plantation Cops federal mortgage fraud trail...

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We've been fortunate enough to get some updates on the Plantation Cops mortgage fraud trial, here's a summary of what had gone on as of March 8 from one of our readers who's attending the trial...

Matt Gulla the governments lead witness is on the stand, defense council have a number of issues to impeach him on. The broker admitted to forging all the fraudulent documents, The Governments whole case Relies on the testimony of this broker Explaining that the shrunk down application presented at closing wasn't purposely shrunk to hide anyting.

The attorney crossing Matt Gulla has him admitting to doing hundreds of loans the same way. Also, he has admitted to forging thousands of loan documents in this case alone. Turns out cops were telling the truth. Matt apparently became friends with Joe the leader and learned he had an aggressive personalty, and took advantage of his trust, knowing with encouragement he would invest in more property. Turns out most of the fraud was committed using Gulla high school friends names and companies were used without their knowledge. In fact there is apparently staff at the high school that was screwed by the ex student. Today he admitted to doing this to many members of his own family and friends. He would make money on the back end called ysp average loan he would make 15k. He would do this by up selling the loan if they qualified for 4%. He would sell them a loan at 7%. What a pig, and to his family. He admitted his partner Rene and him would forge all the documents the lender relied on, then at closing the old bait and switch with shrunk down loan apps. He is very slick even after pleading guilty he acts slick on the stand. But some of the defense lawyers have caught him up. I really didn't think these cops and FBI agent would do this especially considering they still live in the property's and pay the mortgages. The only thing the Govt. has in this case is Matt Gulla their lead witness being impeached daily, and Rene who destroyed documents. In an evidentiary hearing The Judge has stated the Govt. acted with gross negligence and careless in handling this case and the witness when ordered to produce the hundreds of loans this was done on. Rene in 2010 Destroyed documents and the lending groups server! To avoid prosecution of other loans. These cops and all involved are victims of the lenders predatory practices and the brokers were agents of the banks.

And another summary as of March 21...

The bankers the government put on trying to elicit testimony that would support there theory has failed. One of the key theories was the cops agreed to buy these homes owner occupied to get a better interest rate. However what came out from a rep from homecomings/ GMAC was the only people who benefit from this was the broker by getting a higher YSP. And the bank by being able to sell owner occupied property's at a much higher rate to the secondary market.

The gov. calls tenants and they all say, the landlords were great guys always willing to help and did all repairs without incident.

The governments initial theory was the cops did owner occupied for better rate turns out they all qualified for prime loans at low rates 4-5% but the brokers put them in 7-9% rates to make high YSP. There case continues to fall apart daily . Rene (Rodriguez) goes on Wednesday that should be very interesting. He's there last main witness. The case has blown up on the gov. And the truth has come out over and over. The gov. Witnesses are proving the defenses case!

I'm especially disturbed by this part...

The Judge has stated the Govt. acted with gross negligence and careless in handling this case...

What the hell happened here? From everything that I heard this was an iron clad open and shut case. We're working on more updates and will post more as soon as we can.