THE ASSOCIATED PRESS

NEWPORT NEWS -- A mortgage loan processor has pleaded guilty to conspiracy to commit mail and wire fraud.

Terrance K. Boothe entered a plea agreement yesterday in federal court in Newport News. The 44-year-old Suffolk man faces up to 20 years in prison and a $250,000 fine when he is sentenced Nov. 3.

According to prosecutors, Boothe and Richard N. Garries of Newport News bought and renovated houses to sell and persuaded customers to arrange financing through their mortgage-brokering business. Prosecutors say the men falsified loan applications and made promises to buyers that were not kept, leading to foreclosures.

Garries faces six fraud-related counts. His trial is set for Aug. 19.