Real estate investor gets 7 years in $15M mortgage fraud scheme

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A Warren man was sentenced to 10 years in prison for his role in operating a $15 million Ponzi scheme, said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio, and Stephen D. Anthony, Special Agent in Charge of the Federal Bureau of Investigation’s Cleveland Office.

FDIC Warns Banks on HELOC Freezes, REO Management  · The special reserve covers an $11.9 billion portfolio of loans that the bank originated or acquired through indirect sources such as mortgage brokers, Wells explained. That portfolio will be sold off under the guidance of a dedicated management team, the bank added.

A Wayne woman has been sentenced to 46 months in jail for her role in a mortgage. fraud. According to Fishman’s statement, Mainardi and other co-conspirators, including Daniel Verdia, 54, of Mahwah.

Twin Cities orchestrator of $2M mortgage fraud scheme gets 12 years in prison. and other documents and inflating real-estate purchase prices, prosecutors contended during the seven-day trial.

Real Estate Closing Attorney Sentenced to Over Three Years in Prison in Mortgage Fraud Scheme On August 8, 2007, in Atlanta, GA, Christopher Halcomb, a former atlanta area real estate closing attorney, was sentenced to 37 months in prison, to be followed by three years of supervised release, and ordered to pay $15,619,742 in restitution.

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Original post from this morning: Former Dallas Cowboys linebacker Eugene Lockhart. To pull off the fraud, Lockhart and his partners used real estate companies with names inspired by the hometown.

Former newspaper publisher, mortgage broker, mortgage lender and real estate agent marco Laureti was sentenced in federal court last week to serve 15 years in jail for leading a $20 million.

Ala. court says alleged problems with securitization aren’t a borrower concern Banks Hit Hurdle to Foreclosures MyPropertyValue – Banks Hit Hurdle to Foreclosures By NICK TIMIRAOS – The wall street journal june 1, 2011. Banks trying to foreclose on homeowners are hitting another roadblock, as some delinquent borrowers are successfully arguing that their mortgage companies can’t prove they own the loans and therefore don’t have the right to foreclose.

Mortgage Fraud There are several types of mortgage fraud: Fraud to get a property. This is where someone lies about facts to get a loan to buy a property. Fraud to cheat the hard money lender. First the appraisal will be artifically inflated by a "friendly" appraiser. Then the cost of repair work will be inflated above the true cost.

After renovating the amenities floor a few years ago at 515 North State Street, landlord. Oil exec scores Coral Gables estate for huge discount at auction.

Fannie Mae, Freddie Mac would need another bailout in severe economic crisis Mortgage industry fights to keep 3.5% down payments The 3%-Down Mortgage: How to See If You Qualify. you’ll have a slightly higher down payment of 3.5% and your mortgage insurance will likely be more expensive and tougher to get rid of.Fannie Mae and Freddie Mac may need another massive taxpayer bailout, according to a new inspector general report which casts doubt on their future profit margins. The federal housing finance agencies were bailed out by taxpayers after the 2008 financial crisis, in the form of a 8 billion treasury buyout of shares.Average time to foreclose sets new record of 631 days  · Foreclosures are setting new records again, this time not in their overall numbers, but in the time it is taking for all of these properties to be processed through the legal system. The average loan in foreclosure has now been delinquent a record 631 days , according to a new report from florida-based lender processing services.