U.S. v. Crowe, 2013 WL 6051205 (CO) (11/18/13) - The concept of reasonable foreseeability applies in calculating "actual loss" under § 2B1.1(b), but not to calculation of the "credits against loss." Ms. Crowe was convicted of multiple counts of mail fraud and wire fraud, based on a mortgage fraud scheme. She falsely represented employment and income info on first and second mortgage applications for her home and on residential loan applications involving eighteen additional properties. In determining the appropriate amount of reduction to the loss amount based on what could be recovered from the various properties, it is irrelevant whether Crowe reasonably anticipated the big real estate collapse that occurred shortly after she negotiated the mortgages. The loss should be reduced only by the amount actually recovered or the fair market value at the time of sentencing, regardless of the foreseeability of any decline of the collateral's value.