National Affairs: Sane Borrower

Red were the faces of several proud Manhattan bankers last week when they were exposed in Federal Court not for evil but for folly. In Judge William Bondy's courtroom, Michael ("Mike") Pecoraro, 39, a confessed swindler with at least 19 aliases, received an 18-month penitentiary sentence for having obtained $15,563 in 19 different loans from the National City Bank and Manufacturers Trust Company on 19 pieces of real estate he did not own.

Because the Federal Housing Administration is a partial guarantor of modernization loans made by banks under Title I of the National...

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