Mortgage broker convicted in $20M mortgage fraud scheme
Here are details from the press release: The first scheme was charged in U.S. v. Gaith Al Nahar et. al, Case No 11-60183-CR-COHN. In that case, from February to November 2007, Ghaith Al Nahar, 40, a.
.mortgage brokers, were charged in a $40 million bank and mortgage fraud scheme, according to If convicted, the defendants face a maximum penalty of up to 30 years in prison on each count. In addition, the defendants’ $40 million fraud spanned two years and resulted in $20 million in actual.
Under the scheme, Axxium Mortgage Co., operated by the McCuskers, would promise homeowners it would find an investor to help them save their homes, prosecutors said. The couple would arrange for a so-called straw purchaser – someone posing as a buyer – to get a fraudulent mortgage and.
A Sacramento-area loan broker and real estate agent has been convicted of mortgage fraud. Following a five-day trial, a federal jury in Sacramento on Substantial sums were exchanged outside of escrow as part of the scheme, equaling as much as 16 percent of the total purchase price of the.
Interest-only lifetime mortgage schemes are currently offered by two lenders – Stonehaven and more2life. They work by having the options of paying the interest on a monthly basis. This stress test has lowered the maximum mortgage approved amount by almost 20% for all borrowers in Canada.
Will 3% down payments boost millennial homeownership? In fact, the median average down payment rate on first-time mortgages in the U.S. is 5 percent – and the FHA program allows first-time buyers to go as low as 3.5 percent. That means many millennials.
MIAMI-Twenty individuals, including numerous licensed real estate industry professionals, have been charged with conspiracy to commit bank fraud and bank fraud in connection with their alleged.
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institutions and the mortgage lending industry, with approximately $1.6. The FCA prohibits the submission of a “false or fraudulent” claim for payment to the government, or the.. (FHA), under which lenders may claim reimbursement from the. the same as the scheme depicted in the relators' complaint.
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February 6, 2016 at 11:20 am. A Huntington Beach man suspected of running what authorities described as a "builder bailout" real estate scheme was convicted Feb. A federal jury found Momoud Aref Abaji, 34, guilty of multiple felony counts of bank fraud, wire fraud and tax evasion in.
Stephanie Abbott – March 20, 2019 – 1 Comment. According to evidence presented at trial, Green was part of a large-scale mortgage fraud scheme to defraud the New Century Mortgage Company One response to Jury Convicts Man in Mortgage Fraud Scheme. Steve March 27, 2019 at 7:17 pm.