Michael J. McGrath
Michael J. McGrath is the former President and CEO of U.S. Mortgage Corporation and its subsidiaries CU National Mortgage, LLC and Icon Residential Lending, LLC who were engaged in retail, wholesale and credit union residential mortgage lending nationwide. In June 2009, Mr. McGrath plead guilty to one count each of wire/mail fraud and money laundering in a $139 Million mortgage fraud scheme. In 2011, McGrath was sentenced to 14 years in federal prison.
In 2014, McGrath received a reduction of his sentence of 84 months for his cooperation with the U.S. Attorney’s Office in New Orleans, LA in the prosecution of the former Mayor of New Orleans C. Ray Nagin. Mr. McGrath was released in December 2015 after serving 57 months in federal prison, will serve 3 years of supervised release and has $125 million in restitution.
McGrath earned is B.S. in Finance from Seton Hall University. McGrath was named to the Fannie Mae Customer Advisory Board in 2007.