Mortgage

CAPE GIRARDEAU, MO - November 17, 2009 - (RealEstateRama) -- Russell Todd McBride, of Creve Coeur, was sentenced on a mortgage fraud scheme involving the sale of residential real estate located in Sikeston, MO, Acting United States Attorney Michael W. Reap announced today. After sentencing, the district court remanded McBride to the custody of the United States Marshals to commence serving his sentence.

Southern California Loan Officer, Real Estate Agent Linked to Scheme in Which Unqualified Buyers Obtained Mortgages for Luxury Homes. LOS ANGELES, CA - November 16, 2009 - (RealEstateRama) -- The former director of sales for a Colorado real estate company that built luxury homes throughout the state agreed in court papers filed today to plead guilty to a federal conspiracy charge, admitting that he and other company officials participated in a $16 million “builder bailout” scheme in which buyers of $1 million-plus homes were paid kickbacks if they purchased homes from the company

LANSING, MI - November 16, 2009 - (RealEstateRama) -- Attorney General Mike Cox today announced the sentencing of two west Michigan loan officers convicted of operating a widespread mortgage fraud ring, duping members of the Grand Rapids Hispanic community into purchasing distressed properties at inflated prices, falsifying records and pocketing thousands of dollars. The targeted buyers often spoke or wrote little English and had a limited understanding of the mortgage process.

LAS VEGAS NV - November 12, 2009 - (RealEstateRama) -- A former Las Vegas resident has been charged with federal conspiracy and fraud charges for his involvement in a Nevada mortgage fraud scheme involving straw buyers and falsified mortgage loan documents, announced Daniel G. Bogden, United States Attorney for the District of Nevada.

DAYTON, OH - November 3, 2009 - (RealEstateRama) -- A federal grand jury here has indicted James L. Mack, 64, a former loan officer at the Centerville branch of Republic Bank, Walter A. Millat, 70, and his son William E. Millat, 49, all of Dayton, charging the three men with operating a scheme to fraudulently obtain more than $4.5 million in mortgage loans by fraudulently orchestrating the purchase and sale of more than 100 properties in the Dayton area between 2001 and 2006.

DALLAS, TX - November 10, 2009 - (RealEstateRama) -- Texas Attorney General Greg Abbott today took legal action to obtain restitution for a fraudulent “mortgage rescue” firm’s victims.

HOUSTON, TX - November 9, 2009 - (RealEstateRama) -- Clarence Lewis III, 46, of Houston, has been sentenced to 15 years in federal prison without parole for running a mortgage fraud scheme, United States Attorney Tim Johnson announced today.

SUNRISE, FL - November 9, 2009 - (RealEstateRama) -- The Attorney General’s Office and the Florida Interagency Mortgage Task Force today hosted a Broward County community forum to discuss the housing crisis. The event, designed to present a comprehensive approach for dealing with housing-related issues, provided community education and assistance to over 100 attendees. Participating agencies included state agencies, law enforcement, and regulatory authorities.

WASHINGTON, DC - November 5, 2009 - (RealEstateRama) -- U.S. Rep. Ron Kind (D-WI) today voted in favor of the Worker, Homeownership and Business Assistance Act of 2009, a bill that will help continue America’s economic recovery by extending and improving the homebuyer tax credit, providing homebuyer benefits to military families, and extending unemployment benefits.

JACKSONVILLE, FL—United States Attorney A. Brian Albritton announces that U.S. District Judge Henry Lee Adams, Jr., today sentenced Juan Carlos Gonzalez (age 51, of Jacksonville) to seven years in federal prison for conspiring to commit wire and bank fraud. The court also entered a money judgment against Gonzalez for $6,296,303.65, the amount that Gonzalez obtained from the fraud. Gonzalez had pleaded guilty on November 25, 2008

WASHINGTON, DC - November 6, 2009 - (RealEstateRama) -- Rep. Pete Stark (D-CA) today praised House passage of Unemployment Insurance Benefits for an additional 20 weeks for workers in California. The Unemployment Compensation Extension Act, H.R. 3548, passed by a bipartisan 403 to 12 vote.

Atlanta, GA - November 5, 2009 - (RealEstateRama) -- On December 18, 2008, the Georgia Department of Banking and Finance (“Department”) agreed to a settlement with SunnyMTG.com 866-768-CASH, LLC (“SunnyMTG”), License Number 20422, located at 1910 East Oakland Park Boulevard, Fort Lauderdale, FL 33306, and its owner Sumit Gaddh, to resolve alleged violations of the Georgia Residential Mortgage Act and agency rules.

LANSING, MI - November 5, 2009 - (RealEstateRama) -- Attorney General Mike Cox today announced that his office has filed charges against a Wyoming, MI woman accused of defrauding the Michigan State Housing Development Authority (MSHDA) by fraudulently obtaining a mortgage, defaulting on that mortgage and leaving taxpayers to pick up the tab.

Washington, D.C. - November 5, 2009 - (RealEstateRama) -- U.S. Senator David Vitter today joined a bipartisan group of U.S. Senators from three states in introducing a resolution that urges banks and mortgage lenders to work with the estimated 1,300 homeowners in 26 states who are dealing with health and safety issues linked to the use of contaminated drywall. The homeowners have reported a range of similar problems with structural corrosion and odors, as well as many common health concerns, including headaches, rashes, burning eyes and nosebleeds.

TALLAHASSEE, FL - November 4, 2009 - (RealEstateRama) -- Florida CFO Alex Sink today commended the contributions of her Division of Insurance Fraud in the “Mortgage Fraud Surge”, a nine-month joint effort with the U.S. Attorney Brian Albritton, the FBI and numerous other federal, state and local law enforcement agencies to secure as many mortgage-fraud related indictments and arrests as possible.

With Agent Pools Shrinking, VA Home Loans and Refinances Skyrocketed in FY 09. COLUMBIA, MO - November 3, 2009 - (RealEstateRama) -- Veterans and their families are buying homes in record numbers, but only a handful of Missouri real estate agents are capitalizing on that windfall.

Atlanta, GA - November 3, 2009 - (RealEstateRama) -- On October 26, 2009, the DeKalb County Superior Court issued a Final Consent Order enjoining Mortgage First, LLC of Layton, Utah, from further violation of the Department of Banking and Finance’s (“Department’s”) order requiring that it cease and desist from engaging in unlicensed residential mortgage activities in Georgia.On October 15, 2007, a Cease and Desist Order issued by the Department became final against Mortgage First, LLC after it was determined that this company was engaging in residential mortgage activities without the appropriate license. After the Cease and Desist Order became final, Mortgage First, LLC continued to engage in mortgage broker and lending activities for which a license was required by the Department.

LOS ANGELES, CA - November 2, 2009 - (RealEstateRama) --The U.S. Congress late yesterday passed a congressional resolution extending through 2010 the current conforming loan limits of $417,000 for most areas in the U.S. and $729,750 for high-cost areas, including many in California. President Obama is expected to sign the resolution today or tomorrow as part of a broader piece of budgetary legislation that will prevent a government shutdown.

Atlanta, GA - October 30, 2009 - (RealEstateRama) -- On October 29, 2009, an Order to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”) to Mountain States Mortgage Centers, Inc. located at 1333 E. 9400 South, Sandy, Utah, 84093 became final.

Los Angeles, CA - October 29, 2009 - (RealEstateRama) -- Concerned about a "new wave" of foreclosures, Attorney General Edmund G. Brown Jr. today called on ten major banks and loan servicers to detail their plans to assist homeowners facing dramatic monthly payment increases on Pay Option Adjustable Rate Mortgages.

Roswell, NM - October 28, 2009 - (RealEstateRama) — PrimeSource Mortgage, Inc. (PSMI), a leading mortgage brokerage and banking company in the southwestern United States, and a wholly owned subsidiary of PSM Holdings, Inc., (OTCBB: PSMH) today announced the opening of a new branch office in Missoula, Mont.

TRENTON, NJ - October 23, 2009 - (RealEstateRama) -- Attorney General Anne Milgram announced that a Ewing couple and their real estate firm were indicted on charges they stole more than $600,000 from home sellers in connection with 11 home sales.

SAN FRANCISCO, CA - October 22, 2009 - (RealEstateRama) -- Mortgage counseling agencies will receive $2.6 million to hire more counselors over the next two years, and help the hundreds of thousands of California homeowners facing interest rate resets and the threat of foreclosure. The California Reinvestment Coalition (CRC), along with financial institutions and two foundations, today announced grant awards to 40 nonprofit mortgage counseling agencies through the California Home Ownership Preservation Initiative to help them better respond to the overflow of clients their offices are serving

LANSING, MI - October 21, 2009 - (RealEstateRama) -- The Office of Financial and Insurance Regulation today announced that, starting January 4, 2010, Michigan mortgage broker, lender, and servicer licensees and registrants will begin participation in the Nationwide Mortgage Licensing System (NMLS). The new electronic system was developed by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR).

LANSING, MI - October 21, 2009 - (RealEstateRama) -- The Office of Financial and Insurance Regulation today announced that, starting January 4, 2010, Michigan mortgage broker, lender, and servicer licensees and registrants will begin participation in the Nationwide Mortgage Licensing System (NMLS). The new electronic system was developed by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR).

LANSING, MI - October 21, 2009 - (RealEstateRama) -- The Office of Financial and Insurance Regulation today announced that, starting January 4, 2010, Michigan mortgage broker, lender, and servicer licensees and registrants will begin participation in the Nationwide Mortgage Licensing System (NMLS). The new electronic system was developed by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR).

Washington, DC - October 20, 2009 - (RealEstateRama) -- The American Association of Residential Mortgage Regulators (AARMR) and the Conference of State Bank Supervisors (CSBS) announce another milestone in the modernization of state mortgage supervision as the Pennsylvania Department of Banking notified all licensed mortgage lenders on October 15 that the agency will be using sophisticated computer software to analyze loan level data as part of Pennsylvania's examination program.

Brooklyn, NY - October 20, 2009 - (RealEstateRama) -- A civil complaint was filed today in federal court in Central Islip against Ideal Mortgage Bankers, Ltd. d/b/a/ Lend America, a mortgage lender located in Melville, Long Island, seeking a court-ordered injunction to prevent the company from making loans insured by the Federal Housing Administration (“FHA”). The complaint also seeks relief against Lend America’s Executive Vice President and Chief Business Strategist, Michael Ashley. The case has been assigned to United States District Judge Joseph F. Bianco.

ROCHESTER, NY - October 15, 2009 - (RealEstateRama) -- U.S. Attorney Kathleen M. Mehltretter of the Western District of New York announced that six individuals located in the New York City area were charged yesterday in a criminal complaint with defrauding Flaherty Funding

RALEIGH, NC - October 13, 2009 - (RealEstateRama) -- United States Attorney George E.B. Holding announced that in federal court on October 5, 2009, United States District Judge W. Earl Britt sentenced CINDY TILLEY GREER, 51, of Clarendon, North Carolina, to 36 months’ imprisonment followed by three years of supervised release and on October 6, 2009, STANLEY GARFIELD WILLIAMS, JR., 38, of Bolivia, North Carolina, received 70 months’ imprisonment followed by five years supervised release. Also GREER was imposed a fine of $6,000.