16-year sentence begins for pastor in Mississippi

FROM THE CLARIONLEDGER.COM  -

The Rev. Mark J. Calhoun reported to a federal prison Monday to begin serving a 16-year prison sentence for his role in a mortgage fraud scheme that involved more than $10 million in fraudulent loans.




Calhoun and others recruited people to purchase homes as investors to lease the properties from September 2004 through July 2006, according to an indictment. Specifically, Calhoun prepared fictitious documents to ensure lenders would make loans to prospective borrowers.



Three days before reporting to prison, Calhoun, 54, discussed the mortgage fraud case with The Clarion-Ledger.



He was a top car salesman in Brandon, where he lives, when he heard from colleagues how lucrative the mortgage business was, Calhoun said. Lured by the amount of money and the hours, he began helping potential homeowners full-time.

FROM THE CLARIONLEDGER.COM -

In his first month, Calhoun said he made $11,000, although he had no banking experience.



Calhoun, who already had a criminal record, said he now wishes he would have never gotten into the business.



So does 78-year-old Antile Jones of Smithdale, but for a different reason.



"My name was forged on several houses," Jones said. "My house is tied up in the mess."



Jones testified against Calhoun and two of his associates at their trial in March 2010.



"I cried so much," Jones said Monday, her voice choking with emotions.



Initially when he started in the mortgage business in the mid-2000s, Calhoun said he didn't deal with risky subprime loans. But he eventually did. Subprime mortgages were made to individuals who didn't qualify for traditional financing and most were adjustable rate mortgages.



"I just thought if someone's credit wasn't good, you charge them more," Calhoun said.



Subprime loans are blamed for the financial crisis in the United States that still lingers today.



Prosecutors wanted Calhoun, a minister, sentenced to life in prison. But even though they didn't get what they wanted, Calhoun's sentence was the 10th longest nationally among mortgage fraud convictions in recent years.