People v. Ambito CA4/1

FACTS

A. Prosecution Evidence

The June 2005 Offenses

On June 11, 2005, Ambito signed applications for two loans from Countrywide

Home Loans (Countrywide) seeking a first mortgage of $400,000, and a home equity line

of credit of $104,000, to purchase property located at 4548 Market Street in San Diego,

California. The loans in question were "stated-income" loans. For this type of loan,

Countrywide relied on the borrower's representation as to his or her income and, if the

borrower was self-employed, Countrywide also required the applicant to provide a letter

from a certified public accountant verifying self-employment (CPA letter).

In the section of the application marked "employment information," Ambito listed

his employment as "Ambito Trading" (and his job title as "owner" and "goods trading"),

and he listed his business and home address as 271 C Street in Chula Vista. He listed his

business phone number as (619) 744-9500, which was the number for the San Diego

Police Department. Ambito's application stated he had been employed for five years five

Countrywide also required bank statements to verify the borrower had assets to make the down payment…