RENEE MONTAGNE, host:
NPR's business news starts with a guilty verdict for mortgage fraud.
(Soundbite of music)
MONTAGNE: In one of the few prosecutions linked to the housing meltdown, the former chairman of a major mortgage lender was convicted of fraud yesterday. Lee Farkas was chairman of Taylor, Bean and Whitaker. Prosecutors say Farkas orchestrated a long-running scheme that cheated investors and the government out of billions of dollars and caused a major bank to collapse. Farkas now faces decades in prison.
NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.