ALBANY, NY - November 19, 2009 - (RealEstateRama) -- Andrew T. Baxter, United States Attorney, Patricia J. Haynes, Special Agent in Charge, Internal Revenue Service, Criminal Investigation Division (New York Field Office), John F. Pikus, Special Agent in Charge, Albany Division of the Federal Bureau of Investigation, and Robert Bethel, Inspector in Charge, United States Postal Inspection Service, announce that KEVIN M. O’CONNELL, age 35, of Albany,

Brooklyn, NY - October 20, 2009 - (RealEstateRama) -- A civil complaint was filed today in federal court in Central Islip against Ideal Mortgage Bankers, Ltd. d/b/a/ Lend America, a mortgage lender located in Melville, Long Island, seeking a court-ordered injunction to prevent the company from making loans insured by the Federal Housing Administration (“FHA”). The complaint also seeks relief against Lend America’s Executive Vice President and Chief Business Strategist, Michael Ashley. The case has been assigned to United States District Judge Joseph F. Bianco.

ROCHESTER, NY - October 15, 2009 - (RealEstateRama) -- U.S. Attorney Kathleen M. Mehltretter of the Western District of New York announced that six individuals located in the New York City area were charged yesterday in a criminal complaint with defrauding Flaherty Funding

New York, NY - October 7, 2009 - (RealEstateRama) -- PREET BHARARA, the United States Attorney for the Southern District of New York, ANDREW CUOMO, the Attorney General of the State of New York, JOSEPH M. DEMAREST, JR., the Assistant Director-in-Charge of the New York Field Division of the Federal Bureau of Investigation ("FBI"), RICHARD H. NEIMAN, the Superintendent of Banks for New York State, BRIAN G. PARR, the Special Agent-in-Charge of the New York Field Office of the United States Secret Service ("USSS"), and RONALD J. VERROCHIO, the Inspector-in-Charge of the New York Division of the United States Postal Inspection Service ("USPIS"), announced today the unsealing of a seven-count Indictment charging 12 individuals—including mortgage brokers, loan officers, and attorneys—with engaging in a scheme to defraud various lending institutions by using fictitious identities and documents to obtain more than $9 million in residential mortgages. All 12 defendants were arrested this morning and are expected to be presented in federal court later today.

NEW YORK, NY - October 8, 2009 - (RealEstateRama) -- Attorney General Andrew M. Cuomo and Southern District of New York United States Attorney Preet Bharara today announced the takedown of a mortgage fraud ring that illegally obtained $9 million in loans for phantom home buyers.

New York, NY - September 30, 2009 - (RealEstateRama) -- The Community Preservation Corporation (CPC), a non-profit affordable housing lender, today announced a new public/private partnership to provide $1 billion in construction and mortgage loans to multifamily housing owners for energy efficient upgrades and property retrofits.

WASHINGTON, DC - September 29, 2009 - (RealEstateRama) -- U.S. Senators Charles E. Schumer (D-NY) and Jon Kyl (R-AZ) announced new legislation Tuesday to better protect homeowners from the recent wave of mortgage scams by providing up to $200 million over two years for State and local prosecutors offices to battle real estate fraud.

New York, NY - September 23, 2009 - (RealEstateRama) -- On Wednesday the Federal Open Market Committee announced that the Federal Reserve will purchase a total of $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt.

NEW YORK, NY - September 15, 2009 - (RealEstateRama) -- "nyhomes," New York State's affordable housing lender, today announced "Day 1"--a new program to offer credit enhancement on construction loans that finance renovations of affordable multifamily properties.

Albany, NY - September 15, 2009 - (RealEstateRama) -- The Office of the United States Attorney for the District of Vermont stated that Benjamin Osmanson, 30, of California and Sarita, Texas, pleaded guilty yesterday to three counts of conspiracy, wire fraud, and money laundering related to his scheme to defraud mortgage lenders by submitting false loan applications in the names of “investors.” Osmanson was arrested in October 2008 in Texas.

WASHINGTON, DC - September 15, 2009 - (RealEstateRama) -- The U.S. House of Representatives today unanimously approved bipartisan legislation introduced by Congressman John Adler...

New York, NY - August 17, 2009 - (RealEstateRama) -- The Federal Reserve Bank of New York today announced that it has streamlined the set of external investment managers for the agency mortgage backed securities purchase program, reducing the number of investment managers from four to two.

Albany, NY - August 10, 2009 - (RealEstateRama) -- Governor David A. Paterson today announced that New York will offer a federal income tax credit to first-time homebuyers to encourage home sales in the State. The New York State Mortgage Credit Certificate (MCC) will enable first-time homebuyers to claim a tax credit equal to 20% of their annual mortgage interest costs, potentially saving the average homebuyer about $1,500 each year.

New York, NY - July 1, 2009 - (RealEstateRama) — The Federal Reserve Bank of New York today released Below the Line: Estimates of Negative Equity among Nonprime Mortgage Borrowers, a new forthcoming article in the Bank’s Economic Policy Review series.

Washington, DC - June 22, 2009 - (RealEstateRama) – Today, U.S. Senator Charles E. Schumer and Kings County District Attorney Charles J. Hynes announced that the Kings County Mortgage Fraud and Real Estate Crimes Unit has led to the indictment of eight individuals and the opening of more than 80 cases.

Columbia, MD - June 17, 2009 - (RealEstateRama) - Enterprise Community Partners, Inc. commends Governor David A. Paterson for appointing and the New York State Senate for confirming on June 3, 2009 Naomi Bayer to the Board of Directors of the State of New York Mortgage Agency (SONYMA).

New York, NY - June 16, 2009 - (RealEstateRama) — The Federal Reserve created the Term Asset-Backed Securities Loan Facility (TALF), to help market participants meet the credit needs of households and small businesses by supporting the issuance of asset-backed securities (ABS) collateralized by auto loans, student loans, credit card loans, equipment loans, floorplan loans, insurance premium finance loans, loans guaranteed by the Small Business Administration, residential mortgage servicing advances, or commercial mortgage loans.

New York, NY - June 4, 2009 - (RealEstateRama) — LEV L. DASSIN, the Acting United States Attorney for the Southern District of New York, announced that ALEKSANDER LIPKIN, a/k/a "Alex," GARRI ZHIGUN, GALINA ZHIGUN, JOSEPH PAPERNY, FAINA PETROVSKAYA, JOHN GELIN, TOMER SINAI, and DANIEL MIKHLIN were each sentenced by United States District Judge RICHARD J. HOLWELL

New York, NY - June 4, 2009 - (RealEstateRama) — A federal grand jury in Brooklyn returned an indictment charging nine defendants with a...

New York, NY - May 20, 2009 - (RealEstateRama) — LEV L. DASSIN, the Acting United States Attorney for the Southern District of New York, JOSEPH M. DEMAREST JR., the Assistant Director-in-Charge of the Federal Bureau of Investigation's New York Field Division ("FBI"), and BRIAN G. PARR, the Special Agent-in-Charge of the New York Field Office of the United States Secret Service ("USSS"), announced the filing yesterday of a six-count Indictment against LAVETTE M. BILLS, KIRK LACEY, OMAR HENRY, and PETER CHEVERE, charging them with perpetrating a mortgage fraud scheme involving loans totaling over $3 million on at least six different residences.

New York, NY - May 19, 2009 - (RealEstateRama) — LEV L. DASSIN, the Acting United States Attorney for the Southern District of New York, announced that DOMINICK DEVITO was sentenced to 51 months in prison today by United States District Judge BARBARA S. JONES in Manhattan federal court for mortgage fraud, insurance fraud and obstruction of justice.

NEW YORK, NY - May 7, 2009 - (RealEstateRama) — The boards of the New York State Affordable Housing Corporation (AHC) and the State of New York Mortgage Agency (SONYMA) today approved grants and insurance commitments of $35.8 million to build and renovate 669 affordable housing units across New York State.

NEW YORK, NY - May 7, 2009 - (RealEstateRama) — The board of the State of New York Mortgage Agency (SONYMA) today approved a commitment to insure a $14.25 million mortgage for a 132-unit rental housing development in the Town of Halfmoon, Saratoga County.

WASHINGTON, DC - May 5, 2009 - (RealEstateRama) — Today, U.S. Senator Charles E. Schumer unveiled new legislation that would require the Department of Housing and Urban Development and the Treasury Department to draw up a plan to ensure major affordable housing complexes in New York City and across the country do not default on their mortgages and send those properties into a state of total disrepair. More than 60,000 units in New York City are now in buildings in danger of foreclosure.

New York, NY - May 1, 2009 - (RealEstateRama) — The New York State Banking Department today issued a legal opinion stating that New York lenders are able to participate in the federal Hope for Homeowners program.