NEW YORK, NY - November 19, 2012 - (RealEstateRama) -- Attorney General Eric T Schneiderman today warned Wells Fargo to reverse a new policy that temporarily suspends review of mortgage relief applications from New York homeowners, many of whom are still struggling to recover in the aftermath of Hurricane Sandy. In a letter to Wells Fargo, Attorney General Schneiderman warned the bank that its directive to suspend “all home preservation reviews and decisions” across the Northeast “in order to await further instructions from FEMA” likely violates the terms of the National Mortgage Settlement

NEW YORK, NY - November 19, 2012 - (RealEstateRama) -- Following the release of the first official report on the implementation of the National Mortgage Settlement today, Attorney General Eric T. Schneiderman indicated that he was encouraged by its progress on behalf of New York State homeowners. The report, which was issued today by the settlement’s national monitor, Joseph Smith, showed that over $625 million in consumer relief has been delivered to New York homeowners since March of this year.

Albany, NY - November 7, 2012 - (RealEstateRama) -- Governor Andrew M. Cuomo today announced that several major state-chartered banks and mortgage servicers have agreed to offer relief for home mortgage borrowers in the areas affected by Storm Sandy, including, in many cases, no foreclosures and no late fees for 90 days.

NEW YORK, NY - October 25, 2012 - (RealEstateRama) -- City Comptroller John C. Liu released the following statement on the $1 billion lawsuit filed by the U.S. Attorney in Manhattan against Bank of America (NYSE:BAC) for fraudulent mortgage practices:

WASHINGTON, DC - October 2, 2012 - (RealEstateRama) -- In his role as co-chair of the Residential Mortgage-Backed Securities Working Group, Attorney General Eric T. Schneiderman today announced a Martin Act lawsuit against J.P. Morgan Securities LLC (formerly known as Bear Stearns & Co. Inc.), JP Morgan Chase Bank, N.A., and EMC Mortgage LLC (formerly known as EMC Mortgage Corporation) for making fraudulent misrepresentations and omissions to promote the sale of residential mortgage­-backed securities (RMBS) to investors.

NEW YORK, NY - September 21, 2012 - (RealEstateRama) -- Comptroller John C. Liu, on behalf of the New York City Employees’ Retirement System and the Police Pension Fund, announced today that the two Funds have invested $19 million in order to provide a 30-year, fixed-rate mortgage for the Jose de Diego Beekman Houses in The Bronx.

WASHINGTON, DC - September 14, 2012 - (RealEstateRama) -- Congressman Gregory W. Meeks (D-NY), a senior member of the House Financial Services Committee, released the following statement today in support of the Federal Reserve’s plan to strengthen the economy:

NEW YORK, NY - August 23, 2012 - (RealEstateRama) -- The Federal Reserve Bank of New York will release its Q2 2012 Quarterly Report on Household Debt and Credit Wednesday, August 29. The report will be available under embargo at 10 a.m. EDT for release an hour later.

New York, NY - August 23, 2012 - (RealEstateRama) -- Preet Bharara, the United States Attorney for the Southern District of New York, announced today that Frederick Warren and Denise Parks, two loan officers, were sentenced in Manhattan federal court for their roles in a $9 million mortgage fraud scheme in which 12 people were originally charged and 11 have pled guilty. Warren was sentenced to 51 months in prison and ordered to forfeit $1,993,000 after pleading guilty on April 11, 2012, to one count of conspiracy to commit wire fraud and bank fraud and one count of wire fraud. Parks was sentenced to time served and ordered to forfeit $2,554,000 after pleading guilty on April 19, 2012, to one count of conspiracy to commit wire fraud and bank fraud. U.S. District Judge Naomi R. Buchwald imposed both of today’s sentences.

Patchogue, NY - August 8, 2012 - (RealEstateRama) -- Congressman Tim Bishop is leading the effort in Congress to protect the tax deductions for mortgage interest and charitable contributions from being reduced or eliminated next year. Last week, Bishop offered an amendment to preserve the deductions in a tax reform package to be considered under expedited procedures in the House in 2013; however, Bishop's amendment was defeated on a party-line vote

NEW YORK, NY - June 7, 2012 - (RealEstateRama) -- A New York judge today granted Attorney General Eric T. Schneiderman's right to intervene in litigation over Bank of America's proposed $8.5 billion settlement with mortgage-bond investors over opposition by Bank of New York Mellon, the trustee for investors. Schneiderman sought to intervene in the case to protect the interests of investors not involved in structuring the agreement, because it is far less than the massive losses investors have faced and will continue to face.

New York, NY - May 16, 2012 - (RealEstateRama) -- GFI Mortgage Bankers, a leading provider of residential mortgages in New York, announces the financing of 81 percent of the end units (that closed with a residential lender) at Kirkman Lofts. Ari Sorotzkin, Senior Branch Manager at GFI is the preferred lender for this re-developed residential project located at 37 Bridge Street in DUMBO. The building is comprised of 45 condominium residences in a mix of studios, one, two, three, and four-bedroom homes. GFI was selected as the preferred lender in 2011 when sales began and has since financed 33 of the units with almost all units closing on or before the scheduled closing dates.

STAMFORD, CT - April 17, 2012 - (RealEstateRama) -- Private investment firm Merrimac Corp. has renewed its lease at Malkin Properties’ First Stamford Place a year in advance of expiration, announces Jeffrey H. Newman, executive vice president of Malkin Properties, the marketing and management agent for the three-building, 810,000-square-foot office complex.

NEW YORK, NY - April 4, 2012 - (RealEstateRama) -- Attorney General Eric T. Schneiderman alerted New York homeowners today to beware of phone solicitations from scam artists claiming to provide assistance related to the recent national mortgage servicing settlement. Following reports of scammers impersonating bank officials or government officers to lure homeowners into providing personal or financial information, the Attorney General issued a list of tips to help protect unsuspecting New Yorkers from fraud. Attorney General Schneiderman also launched a new website today to provide New Yorkers with additional information on the mortgage settlement, and how they can get help.

NEW YORK, NY - March 27, 2012 - (RealEstateRama) -- The Federal Reserve Bank of New York today introduced a new interactive online tool providing mortgage delinquency and foreclosure information for each county in New York, New Jersey and Connecticut.

NEW YORK, NY - March 27, 2012 - (RealEstateRama) -- Attorney General Eric T. Schneiderman today announced an agreement with Steven J. Baum P.C. (“Baum Firm”), Pillar Processing, LLC (“Pillar”), Steven J. Baum, and Brian Kumiega requiring them to pay $4 million to New York State in penalties, costs and fees, which will be used in part for programs that offer assistance to homeowners facing foreclosure or victims of predatory lending practices. The agreement stems from abuses in their foreclosure-related legal work. Baum Firm founder Steven J. Baum and managing partner Brian Kumiega also agreed to not represent lenders or servicers in new foreclosure-related cases for a period of two years. Until ceasing most of its operations on or about December 31, 2011, the Baum Firm was the largest foreclosure firm in New York State.

ROCHESTER, NY - December 20, 2011 - (RealEstateRama) -- U.S. Attorney William J. Hochul, Jr. announced today that Calvin Brainard, Esq., 66, and Mary Brainard, 52, both of Seneca Falls, NY, were arrested and charged by Criminal Complaint with mail fraud and conspiracy to commit bank fraud. Each charge carries a maximum penalty of 30 years in prison, a $1,000,000 fine, or both.

ALBANY, NY - November 16, 2011 - (RealEstateRama) -- Richard S. Hartunian, United States Attorney for the Northern District of New York; Rene Febles, Special Agent in Charge of the Office of Inspector General, U.S. Department of Housing and Urban Development in New York; Clifford C. Holly, Special Agent in Charge of the Albany Division of the Federal Bureau of Investigation; and Lt. John D. Durling of the New York State Police Special Investigations Unit announced the sentencing of the fourth and final defendant by United States District Judge Thomas J. McAvoy in Albany in the bank fraud scheme involving Michael Cassadei and others.

New York, NY - August 24, 2011 - (RealEstateRama) -- PCCP, LLC announced today it has provided a $23.75 million senior loan to Bala Cynwyd, PA-based Keystone Property Group. The loan facilitated the recapitalization of a five-building Class A office complex totaling just over 228,000 square feet within Sentry Park West in Blue Bell, PA (suburban Philadelphia). Keystone Property Group acquired the property in 2004. Located at 1777 Sentry Parkway West, the asset is situated near two major thoroughfares, the Pennsylvania Turnpike and Interstate 476

NEW YORK CITY, NY - August 22, 2011 - (RealEstateRama) -- Sierra Realty Corp. has increased its focus on the property management segment of its business of late, and results have been fruitful in both Manhattan and the surrounding boroughs, according to Sierra President James Wacht.

New York, NY - August 17, 2011 - (RealEstateRama) -- Faris Lee Investments, the nation’s largest retail-specialized investment sales and advisory firm, along with Faris Lee Capital, has completed the $18 million recapitalization of a 200,000-square-foot retail center in Normal, IL on behalf of the owner, The Dial Companies, a large Midwest developer. Built in 2007, the center’s anchor tenants include Schnucks Grocery and a 14-screen Starplex Theater. The center is currently 70 percent occupied and has 12 outparcels available for future sale, lease or development

NEW YORK, NY - August 16, 2011 - (RealEstateRama) -- This morning, Justice John M. Galasso of the Nassau County Supreme Court issued a sweeping order shutting down one of New York’s largest mortgage scam operations pending trial. The order is the most substantial victory to date in a year-long legal campaign against “loan modification scams” in New York and nationwide.

August 2, 2011 - (RealEstateRama) -- PREET BHARARA, the United States Attorney for the Southern District of New York, announced that MICAH MEYERS was sentenced today in Manhattan federal court to 60 months in prison for his role in a sub-prime mortgage fraud scheme involving dozens of residential mortgages that totaled more than $10 million. MEYERS previously pled guilty to one count of conspiracy to commit bank and wire fraud on May 27, 2010. His sentence was imposed by United States District Judge DEBORAH A. BATTS

NEW YORK, NY - July 7, 2011 - (RealEstateRama) -- Two justices of the New York State Supreme Court have issued sweeping orders to restrain the activities of alleged “loan modification” scammers, providing major victories for financially vulnerable homeowners. On July 5, 2011, Justice Thomas A. Adams of the Nassau County Supreme Court extended a temporary restraining order that restrains the activities and freezes the assets of a group of companies operating under the names “Express Home Solutions” and “Home Preserve Law Group.” The ruling complements a similar order issued on June 28, 2011 by Justice John M. Galasso, also of the Nassau County Supreme Court, which enjoins a group of individuals operating a separate business under the name “Homesafe America.”

New York, NY - June 22, 2011 - (RealEstateRama) -- PREET BHARARA, the United States Attorney for the Southern District of New York, announced that ALEXANDER KAPLAN, formerly a Brooklyn-based real estate lawyer and the owner of a title insurance company, was sentenced on Friday, June 17, 2011, in Manhattan federal court to 46 months in prison by United States District Judge RICHARD J. HOLWELL for his role in a multimillion dollar mortgage fraud scheme. KAPLAN was convicted, on February 6, 2009, of eighteen counts of mortgage fraud after a two-week jury trial