Alexander and Sima March fled to Canada after their 2011 indictment on mortgage fraud charges. Source: Syracuse couple on the run for five years arrested in mortgage fraud case | syracuse.com
Barbara Jean Dennis, 60, Las Vegas, NV, a former Nevada real estate agent who owned at least 12 rental properties in Nevada and Texas and filed multiple bankruptcy petitions to avoid paying the mortgages, has been sentenced to 11 months in prison, two years of supervised release, and ordered to pay a fine of $10,000 and restitution […]
Rachel Siders, 41, Roseville, California, was sentenced to 14 and a half years in prison for her involvement in mortgage fraud schemes that cost financial institutions over $17 million. Federal juries returned verdicts in two trials, in March 2015 and December 2015 finding her guilty of multiple counts of bank fraud, wire fraud, mail fraud, making […]
Denise Bruce, 56, Hingham, Massachusetts, was sentenced for defrauding mortgage companies in connection with multiple mortgages she obtained on a single residence. U.S. District Court Senior Judge Douglas P. Woodlock imposed the sentence of two years in prison, five years of supervised release and restitution of $2,810,497. In May 2016, Bruce pleaded guilty to five counts […]
Domonic McCarns, 41, Irvine, California, was sentenced to 14 years in prison by U.S. District Judge Kimberly J. Mueller for conspiracy to commit mail fraud for his participation in a nationwide foreclosure-rescue scam, Acting U.S. Attorney Phillip A. Talbert announced. McCarns is the final defendant to be sentenced for a pair of schemes that lured homeowners […]
An Arkansas bank has failed. Meanwhile, the failure of a much larger bank seven years ago proved to be very profitable for the acquirer.
Last Friday, the Arkansas State Banking Department seized Allied Bank and closed down the Mulberry, Arkansas, financial institution.
Allied Bank, which was established back in 1902, reported that there were 40 people who were on its payroll of its the middle of this year.
A new program from the Federal Home Loan Mortgage Corp. utilizes a panel of mortgage insurance companies to share credit risk.
Freddie Mac is using a new front-end credit risk transfer offering, Freddie Mac Deep MI CRT, according to an announcement Monday.
The pilot credit risk sharing program utilizes a forward credit insurance policy through a panel of mortgage insurance company affiliates.
Wells Fargo & Co.'s banking subsidiary has agreed to settle allegations that it violated federal law on telephone calls made in connection with home loans.
A class action lawsuit filed against Wells Fargo Bank, N.A., alleges that it called, or sent non-emergency texts to, cellphones without prior express consent.
The calls were reportedly made by the financial institution utilizing an automatic telephone dialing system or using artificial or prerecorded voice technology.
After delaying an update to its automated underwriting system that will accommodate non-traditional credit, the Federal National Mortgage Association has taken it live.
Fannie Mae disclosed in June that the planned June 25 release date for Desktop Underwriter Version 10.0 would be delayed to ensure a successful implementation.
DU 10.0 utilizes trended credit data to provide an enhanced credit risk assessment and new automated underwriting capabilities for applicants without traditional credit.
The nation's new home sales slowed in August, though they still remain strong. While sales in the Northeast plunged, they moved higher in the West.
Last month, the sale of new U.S. homes preliminarily totaled 50,000 units, slowing from July's nearly nine-year high of 57,000 new houses sold.
But despite the month-over-month decline, sales picked up from August 2015, when the new home sales total was a downwardly revised 41,000.