Michael J. McGrath Jr. pleaded guilty Thursday to charges of mail and wire fraud and money laundering, The Associated Press reported. He faces 12 1/2 to 20 years in prison when he is sentenced Oct. 1. He will have to pay restitution.The 46-year-old Montclair resident was president of US Mortgage, based in Pine Brook. He admits that from January 2004 through January 2009 he sold mortgage loans to the Fannie Mae government-controlled mortgage company without authorization of the credit unions that owned them.He used the proceeds to fund operations of his company and to make personal investments.

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