Roger Dean Bailey, 38, of Hickory, pleaded guilty Sunday to conspiring to defraud buyers of manufactured housing and the mortgage lenders used for their financing.
Prosecutors say Bailey, a former manufactured-housing sales manager, was charged with one count of conspiracy to commit wire fraud and making false statements to the U.S. Department of Housing and Urban Development, two counts of making false statements to HUD and two counts of wire fraud.
He is the former manager of Homes America in Hudson. The location was a sales branch of Phoenix Housing Group, a company previously headquartered in Greensboro.
Bailey’s charges stemmed from the origination of up to 154 HUD/Federal Housing Administration-insured mortgages from 2004 to 2008 totaling more than $16 million, with losses exceeding $4.8 million. The loans came from a variety of lenders, but 74 of them — worth about $9 million total — came from a single loan officer in Asheville.
Prosecutors say Bailey misled consumers by misrepresenting financing terms and advertising that Homes America had a rent-to-own program when it did not.
He faces up to 29 years in prison and a $1.25 million fine.
A sentencing date has not been set yet.