RENEE MONTAGNE, host: NPR's business news starts with a guilty verdict for mortgage fraud.</s>RENEE MONTAGNE, host: 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.
In one of the few prosecutions linked to the housing meltdown, the former chairman of a major mortgage lender was convicted of fraud Tuesday. Lee Farkas was chairman of Taylor, Bean and Whitaker. Prosecutors say Farkas orchestrated a scheme that cheated investors and the government out of billions of dollars.