After pleading guilty in February 2009 to a single count of conspiring to make false statements to financial institutions, Lee Howlett was sentenced Tuesday to 41 months in prison, followed by three years of supervised release.

Howlett, who previously operated Taylor Made Mortgage in Portland, Oregon, submitted 14 false loan applications in connection with the purchase or refinancing of seven properties during a two-and-a-half year period between 2003 and 2005. The loan applications contained false information regarding Howlett’s employment, income, and source of down-payments, and information about the true buyer was also fabricated.

In addition, each false loan application was accompanied by a fraudulent appraisal. These appraisals were submitted using the names of appraisers who did not actually complete the appraisals or the names of nonexistent appraisers, according to testimony at sentencing.

Through his scheme, Howlett obtained more than $3.7 million in financing and used $1.3 million for personal uses. As a result of these false loans, losses to the financial institutions were estimated to be between $400,000 and $1 million.
Acting U.S.Attorney, Kent S. Robinson described Howlett as a serial, unrepentant con-artist. He said,“His conduct was typical of the fraudulent practices which have produced the mortgage and financial crisis of the past two years”.