Mortgage Fraud

Former state office candidate admits mortgage scam, faces 3 years in prison |

July 26, 2016 | 4:21 PM PST

Former state Senate and Assembly candidate Bruce Alston faces up to three years in prison and $133,500 in restitution after pleading guilty today to theft by deception stemming from a 27-count indictment alleging a sophisticated mortgage fraud scheme. Source: Former state office candidate admits mortgage scam, faces 3 years in prison |

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Ex-appraiser sentenced to 6 years for mortgage fraud | TribLIVE

July 22, 2016 | 10:05 AM PST

A Shaler man whose original eight-year sentence was overturned by a federal appeals court was sentenced Monday to six years in prison for his role in a multimillion dollar mortgage fraud scheme. A Pittsburgh federal jury convicted Jason Moreno, 33, on five counts of wire fraud and two counts of conspiracy in September 2013. Source: […]

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Alleged Fraudster Used DOL OIG’s Digital Signature on Fake Transcript

July 19, 2016 | 4:12 PM PST

Edgar Avila aka Michael Mendez aka Michael Edgar Avila-Mendez, aka Michael AvMen was indicted on one charge of mail fraud and one charge of bank fraud in connection with two separate fraud schemes. According to the affidavit in support of the arrest warrant, in January 2014, Avila submitted a loan application to purchase a residence […]

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Contractor Indicted for Providing False Lien Affidavits to Lender

July 19, 2016 | 3:45 PM PST

Michael P Kennedy was indicted by a Kentucky grand jury and charged with one count of bank fraud. Kennedy was part owner and manager of Kennedy Homes LLC, Fort Mitchell, Kentucky, which contracted to construct new homes in the Northern Kentucky and Cincinnati Ohio areas. The indictment alleges that, in January 2011, Kennedy Homes, entered into a construction […]

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Title Company Owner Indicted in $13M Fraud

July 19, 2016 | 12:34 PM PST

George Barnard, 45, Newtown Square, Pennsylvania, was indicted and charged with 24 counts of wire fraud, four counts of bank fraud, and three counts of filing a false tax return.  The indictment alleges that Barnard, who from 2005 to March 2013 was one of the two owners of Capital Financial Mortgage Corporation (“CFMC”), based in Delaware […]

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Freddie's Business at 11-Month High

July 26, 2016 | 4:27 PM PST

New business at the Federal Home Loan Mortgage Corp. was the most it's been in 11 months, while delinquency fell to the lowest level in nearly eight years.

The McLean, Virginia-based secondary mortgage lender had 4 percent more in purchases and issuances during June than it did as of one month previous.

That was the biggest month for the government-sponsored enterprise since July 2015 based on historical data that is maintained by Mortgage Daily.

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Mortgage Business Grows at HomeStreet

July 26, 2016 | 3:26 PM PST

In addition to a healthy improvement in home lending activity at HomeStreet Inc., mortgage servicing, staffing and earnings all expanded.

During the three months that ended at mid-2016, single-family mortgage originations were 44 percent greater than in the first-quarter 2016.

The Seattle-based organization disclosed the numbers, along with other operational and financial results, in its second-quarter earnings report.

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EverBank Negotiating Sale of Company

July 26, 2016 | 12:39 PM PST

EverBank Financial Corp., which has its roots in the mortgage industry, has disclosed that it is negotiating to be acquired by a financial services company.

The most-recent iteration of the Jacksonville, Florida-based bank-holding company was created in 1994, when it began operating as Alliance Mortgage.

Then, in 2002, Alliance Mortgage acquired the domain name and subsequently changed the name of the parent company to EverBank.

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Modified Mortgages Auctioned Off

July 26, 2016 | 11:42 AM PST

Agency-backed residential loans that were previously modified have been sold at auction and are headed for securitization.

A binding commitment has been reached to sell 846 Freddie Mac loans with an aggregate principal balance of $198,900,000.

The mortgages were originally closed as option adjustable-rate mortgages. However, the loans were subsequently modified.

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8-Year High for New Home Sales

July 26, 2016 | 10:33 AM PST

The annual rate of new residential property sales last month climbed to the highest level in more than eight years, with the West leading the way.

New U.S. houses sold during June preliminarily numbered 54,000. The total was the same as the upwardly revised figure for the prior month.

But new home sales have accelerated compared to the same month last year, when there were an downwardly revised 44,000 new houses sold.

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