Mortgage Fraud

Real Estate Investment Fraud Scheme Charged

August 31, 2015 | 8:07 AM PST

Mortgage Fraud Blog.

Daniel J. Flynn, III, 52, Milton, Massachusetts, was arrested and charged in U.S. District in Boston with wire fraud.  According to the criminal complaint, Flynn defrauded investors of millions in a real estate investment scheme that began in at least 2007. The complaint details several aspects of the alleged scheme, including that Flynn falsified the […]

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New York Businessman Pleads Guilty in Multi-Family Fraud

August 28, 2015 | 9:22 AM PST

Mortgage Fraud Blog.

Selim Zherka, 47, businessman, Somers, New York, pled guilty to conspiring to make false statements to a bank in order to receive millions of dollars in loans and to file materially false tax returns with the IRS.  As part of his plea agreement, Zherka agreed to forfeit $5.23 million. According to the Superseding Information filed in White […]

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Indictment in Fake Rental Ponzi Scheme

August 27, 2015 | 11:10 AM PST

Mortgage Fraud Blog.

A father and son schemed with a Chicago attorney and a Lincolnwood businessman to sell $2.9 million in phony mortgages to more than a dozen duped investors, according to a federal indictment. Albert Rossini, 67, the owner of Devon Street Investments Ltd., Lincolnwood, Illinois plotted with Babajan Khoshabe, 74, Chicago, Illinois, and Khoshabe’s son, Anthony Khoshabe, […]

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ACI’s Residential Mortgage Litigation and Regulatory Enforcement Conference

August 27, 2015 | 10:30 AM PST

Mortgage Fraud Blog.

ACI’s 18th Residential Mortgage Litigation & Regulatory Enforcement conference will be held on September 17-18, 2015 in Dallas, Texas. I am co-chairing the conference, along with Andrew Stutzman, and I will be speaking on a panel entitled: Mortgage Servicing Challenges: Fallout from the Servicing Rules, Issues Arising from Mortgage Servicing Transfers, Litigation and Enforcement Concerns, Servicer Liability Under […]

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Guilty Plea in Distressed Real Estate Investment Scheme

August 26, 2015 | 7:01 AM PST

Mortgage Fraud Blog.

William Donnelly Yotty, 69, who currently resides in Monarch Beach, California but during the course of the scheme lived in Lodi, California, pleaded guilty to the federal mail fraud and wire fraud charges for operating a Ponzi scheme that featured false promises of large returns to victims who invested in debt obligations and distressed real estate. In a […]

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New Post-Crisis Low for Fannie Delinquency

September 1, 2015 | 12:28 PM PST

Although new business slipped at the Federal National Mortgage Association, residential delinquency was better than its been at any time since the financial crisis.

The Washington-based company reported Tuesday that its new business acquisitions came to two percent less during July than a month previous.

But business was better than in July 2014, with a 19 percent year-over-year increase in secondary activity reported.


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Lending Practices, Tech Helped Cut Mortgage Risk

August 1, 2015 | 10:18 AM PST

Many of the lending practices that helped bring down the mortgage industry have been reformed thanks to home lenders, government and technology.

Weak operational controls over documentation used in loan approvals were a key driver behind the poor performance of pre-crisis residential loans.

But the quality of information used in the approval process for home loans has improved since then -- reducing the level of credit risk.


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Agency MBS Issuance Diminishes, Ginnie Biggest

September 1, 2015 | 8:36 AM PST

The level of agency mortgage securitizations moved lower last month, with a sharp drop at Freddie Mac outpacing the combined decline at its two counterparts. Ginnie Mae had the most issuance for the second month in a row.

Between Fannie Mae, Freddie and Ginnie, issuance of fixed-rate mortgage-backed securities totaled 16 percent less during August than a month earlier.

But issuance on behalf of the trio of government-controlled housing finance agencies accelerated compared to the same month last year, with combined activity increasing by nearly a quarter.


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2nd Consecutive Record Low for COFI

August 31, 2015 | 3:47 PM PST

Just one month after descending to a new all-time low, the Cost of Funds Index did it again.

For the month of July, COFI -- which is used as an index on some adjustable-rate mortgages -- came in two basis points lower than in June.

A Mortgage Daily analysis of historical COFI data going back to July 1981 indicates that the latest index was the lowest on record.


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Freddie Lifts 2015 Origination Outlook by $100 Bil

August 31, 2015 | 1:20 PM PST

Expected home lending activity this year has been raised $100 billion by Freddie Mac, and refinances were the biggest beneficiary.

During the three months ended Sept. 30, reddie predicts that mortgage originations by all U.S. lenders will total $380 billion.

Activity is expected to tumble to $285 billion in the fourth quarter and $260 billion during the first-three months of next year.


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