Archives

HARRISBURG - November 7, 2012 - (RealEstateRama) -- The Pennsylvania Housing Finance Agency today celebrated the work of the state’s housing counselors with an awards ceremony at the Hilton Harrisburg. The state’s private sector counseling agencies support the mission of PHFA by assisting state residents with questions about homeownership and home foreclosure.

Harrisburg - August 9, 2012 - (RealEstateRama) -- Governor Tom Corbett today announced that Pennsylvania has received the $66.5 million cash portion of the previously announced $25 billion state-federal settlement with the nation’s five largest mortgage loan servicers.

August 7, 2012 - (RealEstateRama) -- Congressman Keith Ellison (D-MN) is expected to introduce the Housing Subsidy Fairness Act in early September. This bill would provide dedicated funding for the National Housing Trust Fund with savings generated by reform of the mortgage interest deduction.

WASHINGTON, D.C. - May 31, 2012 - (RealEstateRama) -- Michael J. Smith, 31, of Springfield, Pennsylvania, was charged today by indictment with participating in a mortgage fraud conspiracy that caused losses of over $600,000, announced United States Attorney Zane David Memeger. Specifically, Smith is charged with one count of conspiracy to commit wire fraud, two counts of wire fraud, one count of money laundering, and forfeiture. According to the indictment, Smith, who was a mortgage broker at the time, conspired with John C. Lucidi, Jr. and Eric Maratea, both of whom are charged elsewhere, as well as numerous other individuals, in a scheme to buy properties at inflated prices so that buyers could receive kickbacks of tens of thousands of dollars. Smith was one of the alleged buyers.

January 24, 2012 - (RealEstateRama) -- The United States Attorney’s Office for the Middle District of Pennsylvania, announced that a fourth defendant connected to a mortgage fraud scheme was sentenced today by Senior U.S. District Court Judge Edwin M. Kosik to spend five months in federal prison.

HARRISBURG - December 19, 2011 - (RealEstateRama) -- Attorney General Linda Kelly today announced that a consumer protection lawsuit filed against several employees linked to OPFM ? a defunct financial services company operating in Reading and Lancaster counties involved in a wide-reaching Central Pennsylvania mortgage fraud case ? has resulted in judgments totaling more than $28 million in restitution for the benefit of hundreds of consumers victimized by this Ponzi scheme.

December 12, 2011 - (RealEstateRama) -- The United States Attorney’s Office for the Middle District of Pennsylvania, announced that a third defendant connected to a mortgage fraud scheme was sentenced today by Senior U.S. District Court Judge Edwin M. Kosik to spend 20 months in federal prison.

PITTSBURGH, PA - November 28, 2011 - (RealEstateRama) -- A resident of Blairsville, Pa., has been sentenced in federal court to 41 months in prison on his conviction of wire fraud conspiracy, United States Attorney David J. Hickton announced today.

Columbus, OH - November 4, 2011 - (RealEstateRama) -- Multifamily experts from comprehensive capital provider RED CAPITAL GROUP, LLC’s proprietary lending group closed a $20,000,000 first mortgage interim loan on a recently redeveloped 15-story high rise residential building located in the heart of Center City.

PHILADELPHIA, PA - June 30, 2011 - (RealEstateRama) -- Edward G. And Jacqueline McCusker, both 47, of New Hope, PA, were convicted today in connection with a $14.6 million mortgage fraud scheme that resulted in at least 35 fraudulent mortgage loans, announced United States Attorney Zane David Memeger. The couple was convicted of conspiracy to commit mail and wire fraud, conspiracy to commit money laundering, six counts of wire fraud and three counts of mail fraud. Edward McCusker was also convicted of an additional count of mail fraud. The McCuskers operated Axxium Mortgage, Inc., along with co-defendant John Bariana who pleaded guilty and is awaiting sentencing. Co-defendants Jeffrey A. Bennett and Stephen G. Doherty, owners of the Doylestown law firm Bennett & Doherty, P.C., also pleaded guilty and are awaiting sentencing

PHILADELPHIA, PA - June 21, 2011 - (RealEstateRama) -- Gennaro Rauso, 47, of Trenton, NJ, was sentenced today to 160 months in prison for several mortgage fraud related charges, announced United States Attorney Zane David Memeger. Rauso owned and operated a real estate management company—D&B Property Investors—that purported to help financially distressed homeowners with their foreclosure problems

Pittsburgh, PA - June 7, 2011 - (RealEstateRama) -- The Federal Home Loan Bank (FHLBank) of Pittsburgh today announced Williamson, WV-based Bank of Mingo as its newest member. The addition of Bank of Mingo complements the nearly 200 commercial bank members of FHLBank Pittsburgh and the nearly 5,500 commercial banks within the FHLBank System. At year-end 2010, Bank of Mingo had $116 million in assets.

PHILADELPHIA, PA - May 31, 2011 - (RealEstateRama) -- Kirk H. Kirby, 40, of Capital Heights, Maryland, and Sholonda Y. Johnson, 39, of Philadelphia, were sentenced today to 60 months and 30 months in prison, respectively, in connection with a real estate investment scheme, announced United States Attorney Zane David Memeger. Kirby and Johnson pleaded guilty to three counts each of wire fraud in connection with a real estate investment scheme that caused millions of dollars in losses to lenders. Kirby owned and operated Invictus Financial Group ("IFG"), located in Havertown, PA. Johnson was a loan officer at various mortgage brokerage companies.

PITTSBURGH, PA - April 14, 2011 - (RealEstateRama) -- A resident of New Kensington, Pa., has been indicted by a federal grand jury in Pittsburgh on charges of wire fraud, aggravated identity theft, filing a false tax return, and failing to file income tax returns, United States Attorney David J. Hickton announced today.

NEW YORK, NY - April 4, 2011 - (RealEstateRama) -- The Federal Reserve Bank of New York today released Help for Unemployed Borrowers: Lessons from the Pennsylvania Homeowners’ Emergency Mortgage Assistance Program, the latest article in its Current Issues in Economics and Finance series from the Research and Statistics Group.

March 30, 2011 - (RealEstateRama) -- PETER J. SMITH, U.S. Attorney for the Middle District of Pennsylvania, and GEORGE C. VENIZELOS, Special Agent in Charge, Federal Bureau of Investigation, announced today a former York County woman has been charged with defrauding 14 mortgage lenders, 35 homeowners and five individual investors in Cumberland, Dauphin, York, and Adams Counties out of approximately $2,700,000 between 2006 and 2008.

PITTSBURGH, PA - February 4, 2011 - (RealEstateRama) -- United States Attorney David J. Hickton and key officials from federal, state and local law enforcement and regulatory agencies recognized today the three‑year anniversary of the Feb. 4, 2008, formation of the Western Pennsylvania Mortgage Fraud Task Force, and the filing of charges against 14 individuals associated with seven different mortgage fraud schemes. The individuals charged include a wide spectrum of roles associated with mortgage fraud, including a closing attorney, mortgage brokers, real estate investors, and a bank employee. The seven schemes involved approximately 320 properties and $75 million in fraudulent loans.

Glenside, PA - October 7, 2010 - (RealEstateRama) -- Federal HEMAP is here - almost! HUD has announced their intention to begin taking applications from eligible homeowners for their new Emergency Homeowners Loan Program (EHLP) Program by the end of the year.

PHILADELPHIA, PA - October 5, 2010 - (RealEstateRama) -- Important emergency mortgage relief for unemployed homeowners is on the way under a major new federal program authored by Congressman Chaka Fattah (D-PA) and unveiled at a news conference Tuesday with Fattah and Deputy Secretary Ron Sims of the U.S. Department of Housing and Urban Development.

PHILADELPHIA, PA - September 28, 2010 - (RealEstateRama) -- An indictment was filed today against Bernadette Nicholas, Kevin D. McAllister, and Wayne Rosen for engaging in schemes to defraud Wilmington Trust Federal Savings Bank and Malvern Federal Savings Bank involving properties valued at more than $35.5 million,