In an effort to restore credibility to the moribund residential mortgage securitization market, the American Securitization Forum is issuing new guidelines for new issues that put more risk on lenders and investment firms that package loans into securities.
Hugh Zuber, 39, Monsey, New York, a lawyer formerly employed by the Office of the Corporation Counsel for the City of New York, pleaded guilty to two counts of mail fraud arising from his participation in schemes to defraud two former clients. Zuber had represented the clients, in a personal capacity, in connection with their sale of real estate to Continue Reading...
Ethan Ellner, 54, Plainview, New York, pleaded guilty to three counts of Grand Larceny 2nd degree, one count of Conspiracy 4th degree and one count of Scheme to Defraud 1st degree on charges stemming from the indictment wherein Ellner, George Guldi, a former Suffolk County Legislator and others were charged with grand larceny,
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Gavin Gee, director of the Idaho Department of Finance, announced the signing of an updated agreement to cooperatively work with other state mortgage regulators in overseeing the activities of state-licensed mortgage companies operating across state lines.
Gee said that all 50 state mortgage regulators, as well as regulators from the District of Columbia and Puerto Rico, have signed a Nationwide Cooperative Agreement
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Federal Trade Commission Chairman Jon Leibowitz, joined by U.S. Senator Harry Reid, Nevada Attorney General Catherine Cortez Masto, and Assistant Attorney General Tony West of the Civil Division of the U.S. Department of Justice, announced Operation Stolen Hope as part of a continuing federal-state crackdown on mortgage foreclosure rescue and loan modification scams. The operation involves 118 actions by 26 federal and state agencies.
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Federal indictments handed down this month accusing former Bend-based developers of operating two real estate schemes document a history of alleged mortgage fraud that, if proven, could land the company’s executives in prison for decades.
This week, those of us involved in the fight against mortgage fraud lost a good friend and a fierce ally.
Cheryl Howe, a true pioneer in the fields of mortgage fraud and mortgage quality control, lost her long fight with cancer. She passed away peacefully on November 25, 2009, surrounded by her family.
Cheryl was a force to be reckoned with .. a mentor to so many of us .. and a treasured friend .. She will be sorely missed ..
Services will be held
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Godwin Asifo, 55, Woodbridge, Virginia, was sentenced to 57 months in prison, followed by three years of supervised release, for running a mortgage fraud scheme that resulted in the foreclosure of at least three homes in northern Virginia. He was also ordered to pay $546,685.20 in restitution.
Kevin M. O’Connell, 35, Albany, New York pled guilty to a one-count information charging him with the felony offense of laundering of monetary instruments in violation of Title 18, United States Code, Section 1956(a)(1)(A)(i), in connection with his role in an extensive mortgage fraud scheme that defrauded financial institutions and other mortgage lenders of over $5.3 million in loans.
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Mark Strodtman, 52, Windsor, Coloarado, was found guilty of 23 criminal counts including, COCCA – Pattern of Racketeering (a class two felony; punishable by up to 48 years in prison if aggravating circumstances are met), Theft $15,000 or more 11 counts (a class three felony; punishable by up to 24 years in prison per count). Forgery – check / commercial instrument 11 counts (a class five felony; punishable by up to 6
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