Following a three and a half week jury trial in Albany, Georgia, Elbert Walker, Jr. a/k/a “Shula”, Cairo, Georgia, was convicted of conspiracy to commit arson and mail, wire, bank and bankruptcy fraud and false declarations to a court as well as several firearms offenses. Darryl Burk, Cairo, Georgia, was convicted of conspiracy to commit mail fraud. Shirley […]
Ryan Costo, 40, Roseville, California, was sentenced to four years and three months in prison for bank fraud in a scheme to defraud lenders. According to court documents, Costo overstated his income and financial assets in connection with a $1.35 million loan from Bank of America related to the acquisition of a classic aircraft. Costo not […]
Jerrold Fowler, 31, was sentenced to two years in prison, three years of supervised release, and ordered to pay restitution of $3,786,815 and to forfeit $7,413,712 and Thursa Raetz, 40, Virginia, was sentenced to two years in prison, three years of supervised release and ordered to pay restitution of $3,099,224 and to forfeit $7,413,712. Both recruited participants into […]
A 64-year-old Easton man – using 13 different alias names – has been arrested in what federal officials call a long-running fraud scheme that targeted dozens of distressed homeowners. Timothy W. Burke was arrested Thursday for a using a scheme he allegedly created to defraud individuals, mortgage lenders and the U.S. Department of Housing and […]
A former Pittsburgh policeman honored last year for his proactive policing on the North Side admitted in federal court Monday to his role in a mortgage fraud scheme involving a defunct South Hills company whose president is awaiting trial. Santino Achille, who resigned from the force Nov. 5, waived indictment before U.S. District Judge Donetta […]
A minuscule decline in the 11th District Cost of Funds Index has it teetering very near its lowest level on record.
COFI, which is used as an index on a small share of adjustable-rate mortgages, was down less than a basis point in October.
In fact, the 11th District index level for October was within a single basis point of the record-low reached in August.
Although new monthly business subsided at the Federal National Mortgage Association, so did delinquency on its residential loans.
New business acquisitions at Fannie Mae came to seven percent less during the month of October than it did a month previous.
The secondary activity, along with other operational metrics, were reported by the Washington-based company in a monthly summary.
A warning has been issued about the use of fraudulent appraisals on the refinance of government-insured reverse mortgages.
The bogus valuation reports are allegedly being utilized to enable the refinance of home-equity conversion mortgages.
Residential property values are being fraudulently inflated by between 60 percent and 100 percent on the HECM transactions.
An offering of mortgage servicing rights on more than $0.6 billion in Government National Mortgage Association loans comes with an attractive service fee.
Bids are currently being accepted for MSRs on approximately 5,430 Ginnie Mae residential loans with an aggregate principal balance of $604 million.
All of the mortgages are fixed rate, and 98 percent of them were originated through the retail channel. A hundred percent of the mortgages are owner-occupied.
New mortgage activity fell last week, though -- given the Thanksgiving holiday and Black Friday -- the decline was modest. Adjustable-rate business sank.
A 19 percent drop from a week prior left the U.S. Mortgage Market Index from OpenClose and Mortgage Daily at 107 for the week ended Nov. 27.
The index, a representation of average per-user rate locks by clients of OpenClose, was down 12 percent compared to the same week one year earlier.