A borrower who knowingly makes false statements on a federally related mortgage loan to obtain property may be:

A borrower who knowingly makes false statements on a federally related mortgage loan to obtain property may be:
A . imprisoned for 10 to 16 months
B . fined up to JB10,000 or imprisoned for 6 months.
C . fined up to $1 million and imprisoned for 30 years.
D . fined up to the total purchase price of their home.

View Answer

Answer: C

Explanation:

A borrower who knowingly makes false statements on a federally related mortgage loan to obtain property can face severe penalties under federal law.

The penalties can include:

A fine of up to $1 million.

Imprisonment for up to 30 years.

These penalties fall under federal statutes such as 18 U.S.C. § 1014, which covers fraud and false statements related to loan applications. This is a serious offense, and the law is designed to deter fraud in federally related mortgage transactions.

References:

18 U.S.C. § 1014 – Penalties for False Statements

Fraud Enforcement and Recovery Act (FERA)