Skip to main content

Attorney sentenced in Virginia for defrauding commercial mortgage lenders
Jun 24, 2010

Stephen M. Gunther of Hertford, N.C., was sentenced to 20 months in prison for defrauding commercial mortgage lenders. Neil H. MacBride, United States Attorney for the Eastern District of Virginia, made the announcement after sentencing by United States District Judge Raymond A. Jackson, who also ordered Gunther to pay restitution in the total amount of $231,018.45. Gunther pled guilty to wire fraud on March 25, 2010. Gunther is an attorney who has a law office in Virginia Beach, Va. Between June and December 2006, Gunther acted as a settlement agent in connection with the closing of four residential real estate loans on local properties. The lenders were Fremont Investment & Loan, American Home Mortgage, Diversified Mortgage and Baltimore American Mortgage Corporation. The settlement statements prepared and submitted by Gunther to the lenders did not accurately reflect the receipt and disbursement of closing and loan funds. Gunther violated the lenders’ closing instructions by concealing agreements where he used his personal funds to pay closing costs on behalf of buyers, who were actually straw purchasers, and subsequently was reimbursed by a third party. In addition, Gunther disbursed proceeds to a third party instead of to the seller as required by the settlement statement. In reliance on the settlement statements, the lenders made loans totaling approximately $978,500. The notes on the loans were subsequently purchased by other companies who sustained losses totaling approximately $231,018.45 when the loans on the properties went into default and were sold at foreclosure. The case was investigated by the FBI. Assistant United States Attorney Alan M. Salsbury prosecuted the case for the United States. For more information, visit  
Jun 24, 2010
Fannie Mae Introduces Spanish-Language Homebuyer Education Program

The new platform, HomeView en Español, aims to bridge language barriers hindering Hispanic-Americans from purchasing homes..

Sep 29, 2023
Layoffs At

After a rocky market debut, has laid off staff.

Sep 25, 2023
CFPB Issues Guidance On AI In Credit Underwriting

Creditors must provide specific and accurate reasons for credit denials, even with complex AI models.

Sep 19, 2023
Intercontinental Exchange Completes Black Knight Acquisition; Births Dark Matter Technologies Under Constellation Software

Rich Gagliano takes the helm at Dark Matter Technologies, poised to lead the future of Empower LOS with a 1,300-strong team, blending startup agility with decades of industry experience.

Sep 18, 2023
FHFA Invites Public Engagement On Modernized Credit Score Transition

Stakeholder forums and listening sessions planned to ensure seamless rollout; extended timeline for bi-merge credit report requirement in play.

Sep 11, 2023
Desperation Drives Difficulty in Closing Mortgages in California

Analysis reveals California among top 20 toughest states for mortgage closures.

Sep 11, 2023