Governor Paterson Urges New York Congressional Delegation To Raise Loan Ceiling On FHA-Insured Multifamily...

Albany, NY - April 30, 2009 - (RealEstateRama) — Governor David A. Paterson today sent a letter to the members of the New York State Congressional Delegation, urging them to bolster New York’s affordable housing efforts by supporting an increase in the multifamily mortgage loan limits used by the Federal Housing Administration (FHA) in high-cost areas.

Court-ordered Consent Decree Resolves Civil Suit Alleging Defendants Engaged in Schemes to Defraud the...

Brooklyn, NY - April 28, 2009 - (RealEstateRama) — Benton J. Campbell, United States Attorney for the Eastern District of New York, today announced that Madison Home Equities, Inc., a mortgage lender located in Carle Place, Long Island, and Madison’s president, Nadine Malone, have entered into a consent decree and judgment that permanently enjoins them from making loans insured by the Federal Housing Administration (FHA), an agency of the United States Department of Housing and Urban Development (HUD).

THOMPSON: AFTER TWO YEARS, MORE THAN 4,600 HOMEOWNERS CALL FORECLOSURE INTERVENTION HELPLINE

New York, NY - April 27, 2009 - (RealEstateRama) — As the subprime crisis continues to intensify, New York City Comptroller William C. Thompson, Jr. today announced that 4,658 individuals and families have called his Foreclosure Intervention Helpline to ask for help to avoid losing their homes.

Fannie Mae Left Holding Nearly $44 Million in Unpaid Principal in Refinanced Mortgage Loans

New York, NY - March 16, 2009 - (RealEstateRama) — Benton J. Campbell, United States Attorney for the Eastern District of New York, announced that Leib Pinter, a former executive of Olympia Mortgage Corp., was sentenced today to 97 months in prison for orchestrating a scheme to defraud Fannie Mae in connection with mortgage loans which Fannie Mae owned but were refinanced through Olympia. Pinter was also ordered to pay more than $43 million in restitution to the victims of his fraud scheme. The sentencing proceeding was held before United States District Judge Sandra L. Townes at the U.S. Courthouse in Brooklyn, New York, and followed Pinter’s guilty to a wire fraud conspiracy on September 11, 2008.

FOUR INDICTED IN MORTGAGE FRAUD SCHEME INVOLVING OVER $10 MILLION IN LOANS

New York, NY - February 18, 2009 - (RealEstateRama) — LEV L. DASSIN, the Acting United States Attorney for the Southern District of New York, and JOSEPH M. DEMAREST, JR., the Assistant Director-in-Charge of the New York Office of the Federal Bureau of Investigation, announced the unsealing of charges against SHARMON HOWELL, a/k/a "Sharmon Wade," DAVID MOORE, JUNE PERSAUD, and OSCAR ANCRUM,

BROOKLYN ATTORNEY CONVICTED IN MULTIMILLION-DOLLAR MORTGAGE FRAUD SCHEME

New York, NY - February 6, 2009 - (RealEstateRama) – LEV L. DASSIN, the Acting United States Attorney for the Southern District of New York, announced that attorney ALEXANDER KAPLAN was found guilty today of participating in a multimillion-dollar mortgage fraud scheme. KAPLAN was found guilty, after a two-week jury trial in Manhattan federal court, on all eighteen counts in the Indictment against him.

State has Provided More Than $2.3 Million to Assist Homeowners in Every Region New...

Albany, NY - January 2, 2009 - (RealEstateRama) – Governor David A. Paterson today announced $2.3 million in grants as part of New York’s ongoing efforts to address the subprime mortgage crisis in every county of the State.

HCI and Consumer One to Pay Over $650,000 in Restitution After Illegally Charging Black...

NEW YORK, NY - January 5, 2009 - (RealEstateRama) – Attorney General Andrew M. Cuomo today announced results of a landmark investigation with the New York State Department of Banking into discriminatory practices in the mortgage brokerage industry.

New York State Senate Confirms Bill Myers to the Board of the State of...

NEW YORK, NY - December 22, 2008 - (RealEstateRama) – Bill Myers, founder of the Alternatives Federal Credit Union, has been confirmed by the New York State...

Mayor Bloomberg and Speaker Quinn Join the Center for NYC Neighborhoods to Award New...

New York City – December 11, 2008 - (RealEstateRama) – Mayor Michael R. Bloomberg, City Council Speaker Christine C. Quinn and Center for NYC...

NYS Housing Finance Agency and Affordable Housing Corporation Approve Nearly $14.5 Million in Financing...

NEW YORK - November 14, 2008 - (RealEstateRama) – New York State approved nearly $14.5 million in financing today to preserve 280 units of affordable housing...

DEFENDANT INDICTED IN $20 MILLION MORTGAGE FRAUD SCHEME

BROOKLYN, N.Y. - October 27, 2008 - (RealEstateRama) — An indictment was unsealed this afternoon in Brooklyn federal court charging Osmond Decoteau, 48, with wire fraud...

MORTGAGE BROKER PLEADS GUILTY IN MULTIMILLION DOLLAR MORTGAGE FRAUD SCHEME

New York, NY - October 23, 2008 - (RealEstateRama) — MICHAEL J. GARCIA, the United States Attorney for the Southern District of New York,...

Senator Clinton Joins Housing Advocates to Renew Call to Help Homeowners Hit Hard by...

NEW YORK, NY - October 6, 2008 - (RealEstateRama) — Senator Hillary Rodham Clinton was joined at a press conference today by economic development...

THREE PLEAD GUILTY IN MULTIMILLION DOLLAR MORTGAGE FRAUD SCHEME

New York, NY - October 11, 2008 - (RealEstateRama) — MICHAEL J. GARCIA, the United States Attorney for the Southern District of New York,...

Debt Obligations Were Backed by Fixed-Income Assets, Including Subprime Mortgages

Brooklyn, NY - September 3, 2008 - (RealEstateRama) — A superseding indictment was unsealed today in federal court in Brooklyn charging JULIAN TZOLOV and...

SEC Charges Two Wall Street Brokers in $1 Billion Subprime-Related Auction Rate Securities Fraud

September 3, 2008 - (RealEstateRama) — The Securities and Exchange Commission today charged two Wall Street brokers with defrauding their customers when making more...

Banking Department Issues Industry Letter Detailing Components of New Subprime Legislation

New York, NY - August 27, 2008 - (RealEstateRama) — The New York State Banking Department today issued an industry letter providing an overview...

Statement on SONYMA Section 8 Voucher Homeownership Mortgage Program

New York, NY - August 29, 2008 - (RealEstateRama) — The State of New York Mortgage Agency has announced several changes in its Section...

SONYMA to Issue $168 Million in Bonds to Finance Near-Record First-Time Homeowner Mortgages

NEW YORK - August 5, 2008 - (RealEstateRama) — The State of New York Mortgage Agency (SONYMA) has priced the issuance of $168 million...

Maloney on New Mortgage Lending Rule

NEW YORK, NY - July 14, 2008 - (RealEstateRama) — Congresswoman Carolyn B. Maloney (D-NY), Chair of the House Financial Services’ Financial Institutions and...

Cuomo: Former Haitian Paramilitary Strongman Found Guilty In Massive Mortgage Fraud Scheme

BROOKLYN, NY - July 25, 2008 - (RealEstateRama) — Attorney General Andrew M. Cuomo today announced that former Haitian strongman Emmanuel Constant has been found...

NYS Housing Finance Agency Approves $25.5 Million in Financings to Rehab 459 Mitchell Lama...

NEW YORK, NY (RealEstateRama) July 23, 2008 - The board of the New York State Housing Finance Agency (HFA) today approved $25.5 million in...

Governor Paterson Announces Agreement With Legislature On Comprehensive Reforms To Address Mortgage Crisis

Governor David A. Paterson today announced an agreement with the Legislature to pass a critical subprime lending reform bill which will directly address the...

Two Senior Managers of Failed Bear Stearns Hedge Funds Indicted Today in Separate Mortgage-Related...

WASHINGTON – The Department of Justice and Federal Bureau of Investigation (FBI) announced today a national takedown of mortgage fraud schemes, the culmination of...