Tracy man pleas guilty in mortgage fraud

TRACY -- A Tracy man pleaded guilty Monday to mail fraud charges in connection with a mortgage fraud operation. Reginald Dodson Sr., 42, was a loan officer in a scheme to squeeze large kickbacks from unknowing financial institutions, federal prosecutors say. Prosecutors say the main conspirator, Buena Marshall, 67, of Sacramento recruited unqualified buyer Temika Reed, 32, of Bay Point to act as the person purchasing seven properties. Marshall acted as the agent on some of the properties. Another woman, 55-year-old Deborah Loudermilk of Suisun City, was the agent on two of the sales. Dodson, a loan officer for W.B. Financial, helped get three of the properties financed. The seven properties identified in the scheme were sold at inflated prices, and in most cases using 100 percent financing, prosecutors said. Marshall and Loudermilk allegedly structured the deals to provide large kickbacks in a cash-back-to-buyer scheme. If convicted, the defendants face a maximum statutory penalty of 20 years in prison, a $250,000 fine and a three-year term of supervised release.