The former owner and chief of a New York mortgage banker has been sentenced to more than a dozen years in prison for selling fraudulent loans on the secondary market.

Aaron Wider was the owner and chief executive officer of HTFC Corp. The Garden City, New York-based organization was licensed as a mortgage bank.

HTFC funded residential loans that it originated by utilizing warehouse lenders. After the mortgages were funded, each of the loans were sold on the secondary market.

Source: Mortgage Daily