News and Press Releases

Former Chesapeake Resident Pleads Guilty to Falsifying Income to Obtain $941,000 in Mortgage Loans

March 24, 2010

NORFOLK, Va., - Marcia L. Ramsey, age 51, a former resident of Chesapeake, Va. now living in Hallendale Beach, Fla., pled guilty today in Norfolk federal court to one count of making a false statement in an application for a mortgage loan from a federally-insured bank.  Neil H. MacBride, United States Attorney for the Eastern District of Virginia, also announced that Ramsey faces up to a maximum of 30 years in prison, a fine of up to $1,000,000, and five years of supervised release when she is sentenced by United States District Judge Jerome B. Friedman on June 21, 2010.

According to court documents, on January 30, 2007, Ramsey and another individual contracted to buy a new home in Chesapeake for approximately $941,000.  To finance the purchase, Ramsey applied to IndyMac Bank for two mortgage loans.  At the time, Ramsey worked as a piano tuner and was earning less than $100,000 per year.  In her loan applications, however, Ramsey reported to IndyMac Bank that she earned approximately $20,000 per month, resulting in a gross annual income of well over $200,000 per year.  After requesting and receiving some documentation about Ramsey’s income, IndyMac approved the loans and Ramsey closed upon the purchase of her Chesapeake home on ten acres of land on March 22, 2007.

After making just two monthly mortgage payments, Ramsey defaulted upon the loans and filed for bankruptcy in August 2007.  In her bankruptcy filing, Ramsey reported gross annual income for 2005, 2006, and 2007 that was significantly less than the income totals reported on her loan applications.  This resulted in the FBI investigation that led to Ramsey’s indictment on January 8, 2010 on two counts of a making a false statement in a mortgage loan application.  As a result of the mortgage default and following foreclosure, IndyMac Bank suffered losses of approximately $483,970.

            This case was investigated by the Federal Bureau of Investigation.  Assistant United States Attorney Robert Krask is prosecuting the case on behalf of the United States.

            A copy of this press release may be found on the website of the United States Attorney's Office for the Eastern District of Virginia at  Related court documents and information may be found on the website of the District Court for the Eastern District of Virginia at or on



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