CHARLOTTE -- A Charlotte man pleaded guilty Tuesday in connection with mortgage fraud.

Brad Greenberg, 53, and his business partner, Christie McGougan, sold modular and existing homes under the name Magnolia Bay Homes. Attorneys say they would tell buyers they did not have to make down payments, then used business funds to purchase cashiers checks in the names of the buyers.

Those checks would be given to the banks to make it look like they made a down payment.

Most of the homeowners had to file for bankruptcy and many of the homes were foreclosed.

Greenberg will be sentenced later in the year.