Virginian sentenced to 57 months for mortgage fraud – NMP Skip to main content

Virginian sentenced to 57 months for mortgage fraud

NationalMortgageProfessional.com
Nov 23, 2009

Godwin Asifo of Woodbridge, Va., was sentenced today 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. Neil H. MacBride, United States Attorney for the Eastern District of Virginia, and Joseph Persichini Jr., Assistant Director in Charge of the FBI Washington Field Office, made the announcement after sentencing by United States District Judge Claude M. Hilton. Asifo was convicted by a jury on Aug. 6, 2009, of two counts of mail fraud and one count of wire fraud. According to court documents and evidence at trial, from about May 2005 to June 2006, Asifo recruited straw buyers to purchase at least three homes on his behalf, promising to pay the mortgages and sell the homes for a profit within six months. To ensure the buyers could obtain the loans, he helped to inflate their incomes on loan applications, falsify employment records and provide them with thousands of dollars to artificially inflate their bank accounts. The three homes—located in Woodbridge, Haymarket, and Ashburn, Va., and ranging between $335,000 to $765,000 when purchased—were not sold for profit as expected, and the straw buyers ultimately defaulted on the loans because they were not able to afford the mortgage payments, resulting in substantial losses to the lenders. This case was investigated by the Washington Field Office of the FBI. Assistant United States Attorney Jack Hanly is prosecuting the case on behalf of the United States. For more information, visit http://www.usdoj.gov/.
Published
Nov 23, 2009
MISMO Seeks Public Comment On 3 eMortgage Resources

Updates proposed to MISMO Business Glossary, eMortgage Glossary, and eModification Reference Flyer.

Regulation and Compliance
Aug 05, 2022
As Expected, The Fed Raises Rate By Another 0.75%

Experts say housing industry will shrug off the latest increase.

Regulation and Compliance
Jul 27, 2022
AmTrust Ends 'No-Poach' Agreement, Pays $1.25M Fine In Deal With N.Y. AG

Company also agrees to cooperate with ongoing investigations of the title insurance industry.

Regulation and Compliance
Jul 25, 2022
NAR Chief Economist: Nationwide Home Price Decline Won't Happen Soon

Lack of inventory continues to support growth in prices, which have increased year over year for 124 straight months.

Regulation and Compliance
Jul 22, 2022
FHFA Director: Fannie, Freddie Need $300B Combined In Capital

So far, the enterprises combined have built $83.5 billion in reserves, or about 27% of the target.

Regulation and Compliance
Jul 21, 2022
Expansion Of Community Reinvestment Act A Poor Fit For A Non-Problem

Equating non-bank mortgage companies to banks is misguided for several reasons.

Analysis and Data
Jul 20, 2022