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WASHINGTON – A real estate agent and a mortgage broker, both of Las Vegas, were found guilty today for their participation in a mortgage fraud scheme that netted nearly $2.5 million in fraudulent mortgage loans, announced Assistant Attorney General Lanny A. Breuer of the Justice Department’s Criminal Division, U.S. Attorney Daniel G. Bogden of the Continue reading… Las Vegas Real Estate Agent and Mortgage Broker Convicted for Their Roles in Mortgage Fraud Scheme Have you ever thought about the similarities between houses and the human body? For example as our bodies age, things are not quite as straight, square and firm as they once were in our younger years. At one time I had a 44 inch chest and now with age it seems that chest dimension is Continue reading… Houses and the human body have a lot of similarities WASHINGTON – A Florida loan officer was sentenced today by U.S. District Court Judge William P. Dimitrouleas in Ft. Lauderdale, Fla., for his participation in a nationwide $2.5 million reverse mortgage fraud scheme, the Justice Department announced. Today CNBC reported that the National Association of REALTORS (NAR), the country’s leading source of existing home sales data, will be revising their home sales numbers from 2007 through October of this year downward because of “double counting, indicating a much weaker housing market than previously thought”. This is not a new thought Continue reading… National Association of REALTORS says "Sales were weaker than people thought" The Federal Housing Finance Agency (FHFA), on its own behalf and as Conservator for Fannie Mae and Freddie Mac (the Enterprises), has filed a lawsuit in the U.S. District Court for the Northern District of Illinois against the city of Chicago to prevent enforcement of the city’s recently amended “Vacant Buildings Ordinance” against the Enterprises. Continue reading… FHFA Sues the City of Chicago Over Vacant Buildings Ordinance Want to buy a house but a little short on cash? If your parents or grandparents are of the baby boomer generation then no problem, they’ll give you the cash! Well, at least one in five will according to a recent survey by Better Homes and Gardens Real Estate. WASHINGTON – The Justice Department today filed a lawsuit against the owners and managers of 23 rental homes in Magee, Miss., for violating the Fair Housing Act by discriminating against families with children. Candidate positions on housing will be important considerations to nearly seven of 10 Americans (69.6%) in the 2012 presidential and congressional elections, according to a new national survey on housing released today by Move, Inc. This is especially true for Millennials(1) (70.7%), the next generation of homebuyers and the segment Continue reading… 2012 Presidential Elections: 69.6% of Americans Said Housing Will Influence Their Vote WASHINGTON – Two individuals – a loan officer and a title agent – have been sentenced by U.S. District Court Judge William P. Dimitrouleas in Ft. Lauderdale, Fla., for their participation in a nationwide $2.5 million reverse mortgage fraud scheme, the Justice Department announced today. In late September I wrote about a plan presented by acting Comptroller of the Currency, John Walsh, to address the “robo-signing” issue as well as other improper practices in the foreclosure process that have surfaced. Mr. Walsh’s plan includes an independent review of the files of borrowers that feel they were a victim of Continue reading… Victims of bad foreclosure practices can now apply for review and possible compensation Affordable Cost of Living and Top-Notch Amenities are Key Today U.S. News Media Group unveiled The 10 Best Places to Retire in 2012 with top locations in 10 key categories that are most often considered as key factors by people when choosing where to retire. Many of the categories focus on how to achieve the retirement Continue reading… The 10 Best Places to Retire in 2012 As far as I’m concerned, the Internet is one of the greatest inventions of all time, and ranks right up there with flush toilets, sliced bread and basketball! For real estate investors, the Internet is the single best property due diligence research tool available. Especially for investors who are located in counties where property tax Continue reading… How To Use The Internet To Perform Due Diligence On Real Property WASHINGTON – Alexander Otis Matthews, a Virginia real estate businessman, was sentenced today to 10 years in prison in connection with mortgage and investment schemes to obtain more than $12 million in fraudulent loans. The sentencing was announced by Assistant Attorney General Lanny A. Breuer of the Justice Department’s Criminal Division, U.S. Attorney Neil H. MacBride Continue reading… Virginia Real Estate Businessman Sentenced to 10 Years in Prison for Mortgage and Investment Fraud Schemes Real Estate Developer Also Pleads Guilty to Making False Statement in Separate Case WASHINGTON – Harris County Commissioner Gerald R. Eversole and Houston-based real estate developer Michael D. Surface both pleaded guilty today in federal court in Houston to making false statements, announced Assistant Attorney General Lanny A. Breuer of the Justice Department’s Criminal Division, Special-Agent-In-Charge Continue reading… Harris County, Texas, Commissioner Pleads Guilty to Making a False Statement to FBI; Real Estate Developer Pleads Guilty to False Tax Statement CINCINNATI—A federal grand jury has indicted four people who ran a Cincinnati real estate business known as American Equity Group (AEG) with fraudulently obtaining more than $13 million in loans through a loan fraud scheme that targeted homeowners or builders in or near foreclosure. The scheme allegedly caused a loss of $6 million. Carter M. Stewart, Continue reading… Four Charged with Running $13 Million Loan Fraud Scheme CHICAGO—A former South Holland man was sentenced to 17½ years in federal prison for directing a $35 million mortgage fraud scheme involving more than 120 residences on the city’s south side. The scheme caused various lenders and financial institutions to lose approximately $16 million on mortgage loans that were not repaid by the borrowers or Continue reading… Former South Holland Man Sentenced to 17½ Years in Prison for Directing $35 Million Mortgage Fraud Scheme Involving More Than 120 Residences in the Chicago Area Today, CNN Money published their 2011 list of the best places to live in the U.S. At the top of the list is Louisville, Colorado. The criteria for selection of the best places to live include jobs, schools, crime, local economy, weather and activities. The top 10 places to live, according to CNN Money, are: WASHINGTON – The Department of Justice today filed a lawsuit against the city of Joliet, Ill., alleging that the city violated the Fair Housing Act and the Housing and Community Development Act by taking a series of actions, culminating in the taking through eminent domain a federally-subsidized affordable housing development, that would displace more than Continue reading… Justice Department Sues City of Joliet, Illinois, to Preserve Affordable Housing for City Residents MIAMI – Louis Gendason of Delray Beach, Fla.; Kimberly Mackey of Pittsburgh; and John Incandela, of Palm Beach, Fla., pleaded guilty today to one count of conspiracy to commit wire fraud for their participation in a $2.5 million Home Equity Conversion Mortgage, or reverse mortgage, fraud scheme . KANSAS CITY, MO—Beth Phillips, United States Attorney for the Western District of Missouri, announced that a former real estate agent and a former loan officer are among five co-defendants who have pleaded guilty in federal court to their roles in an $11 million mortgage fraud scheme that involved upscale homes in Lee’s Summit, Blue Springs, Continue reading… Real Estate Agent, Loan Officer Among Five Defendants to Plead Guilty to $11 Million Mortgage Fraud WASHINGTON – Alexander Otis Matthews, a Virginia real estate businessman pleaded guilty today to fraud charges in connection with mortgage and investment schemes to obtain more than $12 million in fraudulent loans. The guilty plea was announced by Assistant Attorney General Lanny A. Breuer of the Criminal Division, U.S. Attorney Neil H. Continue reading… Virginia Real Estate Businessman Pleads Guilty to Mortgage and Investment Fraud Schemes According to Intersections, Inc., a company that provides address monitoring and credit monitoring services, moving season is also identity theft season. Help your clients by sharing with them these ten tips to avoid identity theft when moving from Intersections, Inc.: The Justice Department announced the unsealing of a criminal information last week, charging four defendants – Louis Gendason, 42, of Delray Beach, Fla.; Kimberly Mackey, 46, of Pittsburgh; John Incandela, 24, and Marcos Echevarria, 29, both of Palm Beach, Fla. – with conspiracy to commit wire fraud involving a Continue reading… Three Loan Officers and a Title Agent Charged in $2.5 Million Reverse Mortgage and Loan Modification Scheme U.S. Attorney’s Office HOUSTON—Claymon “Butch” Trammell, along with his wife, Jeannettea Williams, and daughter, Michelle Trammell, have all pleaded guilty to conspiracy to commit wire fraud for their roles in a multi-million-dollar mortgage fraud scheme, United States Attorney José Angel Moreno announced today. The three residents of Houston entered their pleas yesterday in Continue reading… Mother, Daughter, Father Plead Guilty to Mortgage Fraud Scam A recent survey conducted on behalf of Money Management International (MMI), the largest nonprofit credit counseling agency in the U.S., showed that the majority of Americans still view home ownership as the “American Dream“. The survey found that 81 percent of people still put a lot of value in owning a home however the number Continue reading… Owning a home still the ‘American Dream’ Following last week’s somewhat encouraging Pending Home Sales report from the National Association of REALTORS which showed increased home sales activity, Radar Logic issued a much less encouraging report. Their report, titled “Don’t be Misled by Gains in Home Price Indices and Pending Homes Sales; Housing Recovery is Still a Long Way Off” pretty much Continue reading… Report says recent good news on housing market is misleading; recovery is a long way off As we celebrate the 235th birthday of our nation I would hope that we would all take a moment and remember all the men and women that have served, and thank those that are serving, in our armed forces to protect and preserve our freedom! Below are photos I shot of a couple of Continue reading… Happy Independence Day! CALIFORNIA REAL ESTATE INVESTORS AGREE TO PLEAD GUILTY TO BID RIGGING AT PUBLIC FORECLOSURE AUCTIONSDepartment of Justice FOR IMMEDIATE RELEASE WASHINGTON — Eight California real estate investors have agreed to plead guilty for their roles in two separate conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions in Northern California, the Department of Justice announced. Last week I got to hear a presentation by Brendan Lowney of Economic Advisors, aptly titled “Groping Toward a Housing Recovery“, which I think is a perfect way of describing our current housing market, so perfect, I borrowed it for the title of this article. Mr. Lowney began his presentation with a very sobering statement, Continue reading… Groping Toward a Housing Recovery This week, in response to the House Appropriations committee voting to slash funding for the newly formed Consumer Financial Protection Bureau (CFPB) and to subject the new agency to a “politically-charged” funding process, Mike Calhoun, President of the Center for Responsible Lending, made the following comment: “the House Appropriations Committee yesterday voted for Continue reading… Consumer organization blasts House Appropriations Committee on recent vote; fear return to policies that allowed predatory lending |
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