Bankrate survey: Mortgage rates fall two consecutive weeks

National Mortgage Professional

Jul 10, 2008

FDIC issues letter regarding policies and procedures for other real estateMortgagePress.comFDIC, Guidance on Other Real Estate, property, ORE, other real estate On July 1, the Federal Deposit Insurance Corporation (FDIC) issued a letter emphasizing the importance of sound policies and procedures in connection with other real estate (ORE). The letter, titled "Guidance on Other Real Estate," addresses, among other items, the need to comply with requirements for obtaining initial and updated valuations for ORE, the importance of maintaining ORE to prevent asset deterioration, and the importance of reporting and accounting standards for ORE during acquisition, as well as during holding and disposition periods. For a copy of the letter, click here.

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Jul 10, 2008

Regulation and Compliance

L.A.-Area Broker To Serve Time For Defrauding Lenders

Alex Ashod Dadourian convicted on 91 counts for $8 million in mortgage fraud.

In an attempt to increase his commissions, a Southern California mortgage broker engaged in an $8 million mortgage fraud scheme. His efforts have landed him a jail sentence of five years and four months, along with a demand for restitution. California Attorney General Rob B...

Wholesale

EPM Denies Halting Sponsorship Payments Due To 'Margin Call'

Refutes claim made in race car sponsorship lawsuit.

A partner with Equity Prime Mortgage LLC (EPM) on Thursday denied an allegation in a recently dismissed lawsuit that his company stopped paying a race car sponsorship because of a "margin call." Phil Mancuso, a partner and chief investment officer for EPM, said in a teleph...