CA
LPS Auction Solutions to sell portfolio of foreclosed homes
Mon, 2010-03-08 16:02 — NationalMortgag...
Lender Processing Services Inc. (LPS), a provider of integrated technology and services to the mortgage and real estate industries, has announced that its LPS Auction Solutions division will conduct an online auction of bank-foreclosed homes in Arizona, California and Nevada. The bid deadline is April 1, 2010.Read more
Survey finds 67 percent of California sellers sold homes due to inability to meet mortgage obligation
Fri, 2010-02-26 17:19 — NationalMortgag...
Changes in family and employment status as well as adjustments to monthly mortgage obligations played significant roles in California’s homeowners’ decisions to sell their homes in 2009, according to the California Association of Realtors (CAR) “2009-2010 Survey of California Home Sellers.” According to the report, 67 percent of all sellers in California did so as a result of difficulties related to meeting their mortgage obligation.Read more
Califonrnians sentenced for role in foreclosure rescue scam
Thu, 2010-02-18 17:07 — NationalMortgag...
A Downey, Calif. woman who orchestrated a real estate fraud scheme that caused nearly $13 million in losses after falsely promising to help homeowners in default on their mortgages has been sentenced to 10 years in federal prison. A second person involved in the scheme was sentenced yesterday to 15 years in prison after a federal judge determined that he had refused to account for proceeds of the scheme in an off-shore bank account that he had agreed in his plea agreement to repatriate.Read more
Berkadia Commercial Mortgage announces the hiring of Matthew Case
Tue, 2010-02-16 15:22 — NationalMortgag...
Berkadia Commercial Mortgage has announced the hiring of Matthew Case, a loan originator with more than 12 years experience, as an assistant vice president in the company's Los Angeles office. Case will report to Berkadia Senior Vice President and Branch Manager Ed Zimbler. “Matthew’s considerable experience originating commercial real estate loans with insurance companies will be a significant benefit to Berkadia’s commitment to increase loan volume with our correspondent insurance companies in 2010,” said Zimbler.
San Francisco broker and real estate developer indicted in mortgage fraud scheme
Mon, 2010-02-15 10:37 — NationalMortgag...
A federal grand jury in San Francisco has indicted Michael Ohayon and David Papera with conspiracy to commit bank fraud, and money laundering, United States Attorney Joseph P. Russoniello announced. According to the indictment, Ohayon and Papera are alleged to have recruited 13 straw buyers who used their good credit scores to obtain more than $19.6 million in fraudulent residential mortgage loans from Washington Mutual Bank, with no intention of making either downpayments or mortgage payments on the properties.Read more
San Francisco woman convicted of defrauding mortgage lenders
Thu, 2010-02-04 10:42 — NationalMortgag...
Judy “Miu Wan” Yeung was convicted of one count of conspiracy to commit wire fraud, eight counts of wire fraud, and three counts of witness tampering by a federal jury, United States Attorney Joseph P. Russoniello announced. The jury, after deliberating for one day, found that Yeung engaged in a mortgage fraud conspiracy between approximately December 2004 and January 2007. Yeung, together with two mortgage brokers, recruited five individuals to submit loan applications in their names in order to obtain loans totaling more than $6.5 million.Read more
California man sentenced to 13 years for role in HUD fraud scheme
Wed, 2010-02-03 10:37 — NationalMortgag...The former president of Mortgage One Corporation in Hesperia, Calif. was sentenced to 13 years in federal prison for defrauding the U.S. Department of Housing & Urban Development (HUD) and private lenders by fraudulently obtaining hundreds of federally insured loans and selling those mortgages to private lenders in a scheme that caused tens of millions of dollars in losses to the federal housing agency.Read more
California appraiser gets three years for role in mortgage fraud scheme
Tue, 2010-02-02 15:24 — NationalMortgag...A former California-licensed real estate appraiser was sentenced to three years in federal prison and ordered to pay more than $46 million in restitution for her role in a massive mortgage fraud scheme that caused tens of millions of dollars in losses to federally insured banks. Lila Rizk of Rancho Santa Margarita, Calif. received the three-year prison term after her conviction last summer on conspiracy, bank fraud and numerous loan fraud charges.Read more
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