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New York Man Sentenced for Million Dollar Mortgage Fraud Scheme
Michael St. Claire, 36, was sentenced by U.S. District Judge William G. Young to six months in prison, an additional four months of home confinement, and ordered to pay $1,257,945 in restitution. St. Claire previously pleaded guilty to conspiracy to commit wire fraud
African American and Latino Borrowers and Neighborhoods of Color Continue to Have Little Access to Home Purchase Lending
Today, at a community forum at the Telesca Center for Justice, Empire Justice Center released its most recent report, “The River Runs Dry II: The Persistent Mortgage Drought in Rochester’s Communities of Color,” analyzing home purchase lending in the Rochester metro area and the City of Rochester
New Hampshire Supreme Court Acknowledges MERS’ Role Under State Law
MERSCORP Holdings, Inc. today announced the Supreme Court of New Hampshire ruled in favor of New York Community Bank, finding that as assignee of MERS, it was authorized to foreclose. In pdf Bergeron v. New York Community Bank (102 KB), the Plaintiff challenged the defendant’s authority to foreclose, alleging the defendant did not prove that it was the genuine holder of the note and seeking an order to restrain the defendant from foreclosing.
Hunt Mortgage Group Hires Michael A. Abbasfard as Vice President in the Small Loan Group
Hunt Mortgage Group, a commercial real estate lender, announced today that Michael A. Abbasfard has joined the firm as Vice President in the Small Loan Group. In this role, he will source and originate Freddie Mac and Fannie Mae small loans for clients in the Mid-Atlantic region. He will be based in Tysons Corner, Virginia and will report to Owen Breheny, Director, at Hunt Mortgage Group
GOVERNOR CUOMO ANNOUNCES TWO ADDITIONAL MORTGAGE COMPANIES SIGN ON TO COMBAT “ZOMBIE PROPERTIES”
Governor Andrew M. Cuomo today announced two additional mortgage companies – First Niagara and Carrington Mortgage – will adopt a set of best practices to help combat the neighborhood blight and economic damage caused by vacant and abandoned "zombie properties." With today’s announcement, a total of 13 banks and mortgage companies representing approximately 70 percent of the New York market have now agreed to adopt these best practices.
GOVERNOR CUOMO DEPLOYING DFS MOBILE COMMAND CENTER TO ORANGE AND SULLIVAN COUNTIES TO PROVIDE HOMEOWNERS WITH FORECLOSURE PREVENTION ASSISTANCE
Governor Andrew M. Cuomo today announced that he is deploying Department of Financial Services representatives to Chester in Orange County and Monticello in Sullivan County to offer foreclosure prevention assistance to financially struggling homeowners.
A.G. Schneiderman Announces Statewide Advertising Campaign To Help New York Homeowners Avoid Foreclosure Rescue Scams
Campaign Will Promote AGScamHelp.com, A Web-Based App To Educate Consumers On How To Avoid And Report Mortgage Rescue Scams. Schneiderman: Informed Homeowners Are the Most Powerful Tools Against Foreclosure Scams
SCHUMER: SERVICEMEMBERS FROM UPSTATE NY ARE AT RISK OF ABUSIVE FINANCIAL PRACTICES WHEN DEPLOYED OVERSEAS; FED REPORT FOUND FINANCIAL INSTITUTIONS FAILED TO ABIDE BY CURRENT LAW MORE THAN 15,000 TIMES, SUCH AS FORECLOSING ON MORTGAGES OR REPOSSESSING CARS; SCHUMER BILL WILL BETTER PROTECT SERVICEMEMBERS & REIN-IN ABUSE
The Consumer Financial Protection Bureau Currently Lacks The Authority To Supervise & Enforce Protections For Servicemembers; Feds Have So Far Been Inconsistent In Enforcing Existing Protections. New Schumer Bill, the Military Consumer Protection Act, Will Give the CFPB – Our Nation’s Premier Consumer Watchdog – the Jurisdiction to Enforce Protections For Upstate NY Soldiers
City Officials Join BRP Companies, Macedonia Ame Church, Elected Officials And Partners To Celebrate The Opening Of Macedonia Plaza, Flushing’s Newest Affordable Housing Development
New York City Department of Housing Preservation and Development (HPD) Commissioner Vicki Been and New York City Housing Development Corporation (HDC) President Gary Rodney joined BRP Companies, Macedonia African Methodist Episcopal (AME) Church, and development partners to celebrate the opening of Macedonia Plaza
NYDFS Announces Deployment of Mobile Command Center to Brentwood and Central Islip to Deliver Foreclosure Prevention Help to Homeowners
The New York State Department of Financial Services (DFS) today announced the deployment of the DFS Mobile Command Center to two sites in Suffolk County to provide foreclosure prevention assistance to financially struggling homeowners.
A.G. Schneiderman Announces Arrest Of Long Island Man For Attempted Residential Mortgage Fraud In Brooklyn
Attorney General Eric T. Schneiderman today announced the arrest of Fedlaire Aristide, 47, of Freeport, N.Y., for allegedly attempting to defraud Wells Fargo in a short sale scam that would have cost the bank hundreds of thousands of dollars.
A.G. Schneiderman Announces Prison Sentence For Attorney Who Ran Million-Dollar Mortgage Fraud Scheme
Attorney General Eric T. Schneiderman today announced the sentencing of licensed attorney Theresa Sanders, 56, of Fabius, New York, to 2 1/3 to 7 years in state prison. Sanders pleaded guilty earlier this year for her role in a million-dollar mortgage fraud ring that operated in the Syracuse area for years, preying upon both first-time home buyers and institutional lenders.
Governor Cuomo Announces Major Mortgage Companies Agree to Measures to Combat Vacant and Abandoned “Zombie Properties”
Governor Andrew M. Cuomo announced today that 11 banks, mortgage companies, and credit unions representing nearly 70 percent of the New York market will adopt a set of best practices to help combat the neighborhood blight and economic damage caused by vacant and abandoned "zombie properties" in New York State.
A.G. Schneiderman Announces Court Judgment Against Brooklyn & Florida Law Firms For Running Fraudulent Mortgage Rescue Scheme
Attorney General Eric T. Schneiderman today obtained a default judgment in New York County Supreme Court against two law firms and their lead attorney for participating in a fraudulent mortgage rescue scheme. The judgment ordered Litvin Law Firm; Litvin, Torrens & Associates, PLLC; and the firms’ principal attorney Gennady Litvin to immediately halt their illegal business practices, including preying upon financially vulnerable consumers by claiming to provide a comprehensive legal services plan that would allow consumers to avoid foreclosure
A.G. Schneiderman Announces Conviction Of Syracuse Appraiser Involved In Mortgage Fraud Scheme
Attorney General Eric T. Schneiderman announced today the conviction of Steven Essig, a licensed appraiser and the owner of an appraisal company in Syracuse, on a felony charge stemming from making false entries in an appraisal report. The falsified report was used to obtain a mortgage as part of a million dollar mortgage fraud scheme.
New York Fed Provides Look at Regional Household Debt and Credit
The Federal Reserve Bank of New York today launched a series of reports detailing trends in borrowing and indebtedness at the state and local level. The Regional Household Debt and Credit Snapshot includes data about mortgages, student loans, credit cards, auto loans and delinquencies for New York City and its boroughs, as well as various metro areas in New York State, northern New Jersey and western Connecticut. There are a total of 27 Snapshots.
Lockport Man Sentenced for Mortgage Fraud
U.S. Attorney William J. Hochul, Jr. announced today that James P. Vasiliou, Jr., 49, of Lockport, NY, who was convicted of bank (mortgage) fraud, was sentenced to time service and nine months of home detention and electronic monitoring by U.S. District Court Judge Richard J. Arcara
Rep. Maloney calls on HUD Secretary Castro to allow reverse mortgages for co-ops
WASHINGTON - February 12, 2015 - (RealEstateRama) -- Today at a Financial Services Committee Hearing on The Future of Housing in America with Housing and Urban Development (HUD) Secretary Castro, Congresswoman Carolyn B. Maloney (NY-12) asked Secretary Castro to look into allowing co-op owners to obtain reverse mortgages through the Home Equity Conversion Mortgage (HECM) program which is insured by the Federal Housing Administration, a division of HUD.
EXCERPTS FROM SUPERINTENDENT LAWSKY’S REMARKS ON NON-BANK MORTGAGE SERVICING IN NEW YORK CITY
WASHINGTON, D.C. - May 20, 2014 - (RealEstateRama) -- Benjamin M. Lawsky, Superintendent of Financial Services for the State of New York, is delivering remarks today at the Mortgage Bankers Association 2014 National Secondary Market Conference in New York City.
Maloney leads bipartisan coalition against reducing conforming loan limits reduction
WASHINGTON - March 24, 2014 - (RealEstateRama) -- Congresswoman Carolyn B. Maloney (NY-12) today responded to the Federal Housing Finance Agency’s request for public input on a proposal to reduce conforming loan limits, the maximum size of a home mortgage that Fannie Mae and Freddie Mac can purchase, with a letter signed by a bipartisan coalition of 35 House members who oppose the change. Maloney, the top Democrat on the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, has been highly critical of the FHFA proposal that could result in reduced access to mortgages for middle-class families in high-cost real estate markets like New York