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Canadian Executive Pleads Guilty to Fraud and Money Laundering

blogdig.net — 2009-07-06T17:33:00-04:00

Canadian Executive Pleads Guilty to Fraud and Money Laundering Conspiracies Involving a New Jersey Environmental Protection Agency Superfund Site Mon, 06 Jul 2009 15:50:14 -0500 A former executive of Bennett Environmental Inc. (BEI), a Canadian-based company that treats and disposes of contaminated soil, pleaded guilty to participating in a conspiracy to pay kickbacks and commit fraud at the U.S. Environmental Protection Agency (EPA)-designated Superfund site, Federal Creosote, located in
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From: HUD USER News

blogdig.net — 2009-07-06T17:27:00-04:00

From: HUD USER News HUD USER has posted a Comprehensive Housing Market Analysis report for the Spartanburg, South Carolina Housing Market Area (HMA). Located at the northern border of the state, the market area analyzed in the subject report is comprised solely of Spartanburg County. Economic conditions in the Spartanburg HMA are currently stable. With an expanding job market (nonfarm employment up 1.1 percent during the 12 months ending November 2008), the area's population has grown on
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California AG sues foreclosure consultant and an attorney - accuses them of defrauding 2000 victims

blogdig.net — 2009-07-06T17:00:00-04:00

In the following press release California Attorney General Edmund G. Brown Jr. today sued a foreclosure consultant and an attorney — Paul Noe Jr. and Mitchell Roth - who conned 2,000 desperate homeowners into paying exorbitant fees for “phony lawsuits” to forestall foreclosure proceedings.These lawsuits were filed and abandoned, even though homeowners were charged $1,800 in upfront fees, at least $1,200 per month and contingency fees of up to 80 percent of their home’s
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NY title company owner indicted in fraud allegations

blogdig.net — 2009-07-06T16:03:00-04:00

In the following press release Benton J. Campbell, United States Attorney for the Eastern District of New York announced that earlier today [July 2, 2009] in federal court in Brooklyn, Jonathan Boxman, [LinkedIn] an owner and operator of real estate title insurance companies, was charged with defrauding clients of title companies he controlled of more than $1.7 million. According to the criminal complaint, Boxman stole money that was entrusted to those companies and used it to pay operating
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Fannie Mae and Freddie Mac Increase LTV?s on Home Affordable Refinance to 125%

blogdig.net — 2009-07-06T14:11:26-04:00

By: Dennis NormanEffective the 1st of this month The Federal Housing Finance Agency has authorized Fannie Mae and Freddie Mac to expand the Home Affordable Refiance Program (HARP) to homeowners who are current on their mortgage payments from the present maximum loan to value of 105% to 125%.�The program is designed to allow homeowners, even [...]
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So Many Nights I Sit By My Terminal

blogdig.net — 2009-07-06T13:45:00-04:00

It’s been a very weird Goldman Sachs day.......Hat tip WSJ’s Matt FPhillips.
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Estero Real Estate Home Market Update - May

blogdig.net — 2009-07-06T13:12:24-04:00

The statistics presented and discussed below are global in nature for the Estero area and do not represent the more important micro-market views which can vary greatly. The Estero real estate market for homes is starting to show signs of stabilizing in many aspects and prospective buyers should be aware of the positive changes.Listings:During the [...]Click here to learn about Pelican Bay in Naples Florida.
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Greenville Hospital System Agrees to Sale Leaseback

blogdig.net — 2009-07-06T12:47:00-04:00

- Greenville NewsGreenville Hospital System University Medical Center has signed a letter of intent to sell 900,000 square feet of medical and administrative office space to a real estate...This is a content summary only. Visit my website for full links, market data, and more!
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Bonita Springs Condo Market Update - May

blogdig.net — 2009-07-06T12:31:20-04:00

The Bonita Springs real estate market for condos is starting to show signs of strengthening in some aspects and prospective buyers should be aware of the positive changes. The statistics presented and discussed below are global in nature for the Bonita Springs area and do not represent the more important micro-market views which can vary [...]Click here to learn about Bonita Springs real estate.
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Spacing Out at Number 10

blogdig.net — 2009-07-06T12:03:27-04:00

Rofo recently visited the Number 10 Office and spoke with founder and CEO, Thomas Tsatsos. Number 10 is a web design firm focusing on open source solutions that serves clients around the world. Thomas shared some great insights into finding office space acquired during Number 10’s search for their current space. Then [...]
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RealUp an Innovative New Commercial Real Estate Site

blogdig.net — 2009-07-06T12:02:56-04:00

RealUp offers a great features to real estate professional including free sales comparables, free listing search and free lending quotes. The site’s recent sales data is particularly valuable in today’s volatile market. Partnering with a top real estate data allows RealUp to update sales comps continuously and provide accurate comparables. They offer [...]
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Schindler's Rodriguez House, on the market in Glendale

blogdig.net — 2009-07-06T11:21:16-04:00

Newly listed in the MLS is this Glendale, R.M. Schindler 4 + 4 residence. The Rodriguez House encompasses nearly 2400 square on 1/3 acre with pool. Asking price is $2,475,000. The MLS marketing remarks read: ?In 1941, R.M. Schindler was hired to build a home for writer/composer Jose Rodriguez and his growing family on a spectacular double lot in Verdugo Woodlands. He envisioned a home in which the gardens would sweep up, around and through the house, ingeniously accomplished by a floating
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Correspondent Lending Thaws at Citi

blogdig.net — 2009-07-06T10:43:07-04:00

Citigroup (C: 2.7825 -3.39%) today takes its correspondent lending channel off of a temporary suspension.On June 23, Citi froze the business over “quality control” issues surrounding documentation of appraisals or income verification seen in — or missing entirely from — previous mortgages purchased from independent mortgage bankers and other originators through the channel.A Citi spokesperson [...]
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Evander Holyfield House Is Pulled From Foreclosure Auction

blogdig.net — 2009-07-06T10:14:51-04:00

Evander Holyfield has beaten the foreclosure auction gavel again. The 10 million dollar loan on his mansion in Fayette County, Georgia has been pulled from the planned auction on Tuesday.I hope Evander can find his way out of the mess he is in now, but my guess is this story will occur again and again. [...]Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.Evander Holyfield House Is
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SocGen Expects Q2 Profit

blogdig.net — 2009-07-06T10:09:43-04:00

French investment bank Soci�t� G�n�rale expects to post a “slightly positive” net income for Q209, despite a ?1.3bn (US$1.81bn) charge related to credit default swaps used to hedge the company’s loan portfolio.“Solid operational performances, in particular in Corporate & Investment Banking, will absorb the significant negative impact on the accounts of the substantial tightening of [...]
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Data Provider Warns on Green Shoots in Residential Construction

blogdig.net — 2009-07-06T09:44:56-04:00

Construction information provider Reed Construction Data sounded a warning that residential construction might yet be a long way off from green shoots.“Working against the foregoing is a huge overhang of existing homes that are now owned by the banks and are being discounted in price,” Reed Construction’s Alex Carrick noted in recent commentary.“This will be [...]
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Toronto Real Estate Board reports:

blogdig.net — 2009-07-06T09:41:00-04:00

GTA Resale Housing Market Posts Best June on Record. In June 2009, Greater Toronto realtors reported a record 10,955 sales, up 27 per cent from June 2008. The seasonally adjusted annual rate of sales in June was 100,700.1 "The record...
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Bonita Springs Real Estate Home Market Update - May

blogdig.net — 2009-07-06T08:34:39-04:00

The Bonita Springs real estate market for homes is starting to show signs of stabilizing in many aspects with some positive signs in some aspects and prospective buyers should be aware of the positive changes. The statistics presented and discussed below are global in nature for the Bonita Springs area and do not represent the [...]Click here to learn about Estero Florida real estate.
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Outstanding Contraction!: Commercial Paper Outstanding July 01 2009

blogdig.net — 2009-07-06T08:22:00-04:00

I?m adding this post to the regular lineup as the trends in the commercial paper market may yield important clues to the health of the overall economy.The Commercial Paper (CP) market is essentially a private debt market used by corporations as a cheaper means of funding typical recurring operations than drawing on a line of bank credit.Commercial paper, as a financial instrument, is by no means a recent innovation and, in fact, you can read about how the CP market was affected by the many
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Municipalities Dealing With Foreclosure Crisis

blogdig.net — 2009-07-06T07:00:39-04:00

It is no secret that Nevada has been at or near the top in the foreclosure rankings for quite some time. This is certainly a case where nobody wants to be claiming “we’re number one!” The crisis has actually caused four adjacent or overlapping local governments to band together to address the problem. While their [...]This Article is Copyright © 2004-2009 BiggerPockets, Inc. All Rights Reserved. Municipalities Dealing With Foreclosure Crisis
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Developers Unafraid Of IMAX Plans - $295 Million Development Still Alive

blogdig.net — 2009-07-06T06:44:00-04:00

- Greenville NewsThe prospects for a $295 million mixed-use complex off Interstate 85 that legislators have said was intended to include a Bass Pro Shop has taken its lumps, but is still...This is a content summary only. Visit my website for full links, market data, and more!
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Schools for Sale: Prime Sites To Be Listed

blogdig.net — 2009-07-06T06:29:00-04:00

- The Post and CourierThose interested in buying some of the Charleston County School District's real estate will have a chance later this year.The school board has agreed to put some of its most...This is a content summary only. Visit my website for full links, market data, and more!
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Apartment Vacancy Increases In Greenville

blogdig.net — 2009-07-06T06:24:00-04:00

- Greenville NewsA few months ago, Sandy McCall's residential property management company saw an increase of tenants moving out because they'd lost their jobs and couldn't pay their rent.These...This is a content summary only. Visit my website for full links, market data, and more!
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Monday Morning Cup of Coffee

blogdig.net — 2009-07-06T06:03:13-04:00

A look at the stories on�HousingWire?s�weekend desk over the holiday? with more coverage to come on bigger issues.Regulators shut down seven financial institutions — six Illinois-based and one Texas-based. The combined failures are estimated to cost the Federal Deposit Insurance Corp.’s insurance fund $314.3m.In the largest of the transactions, Founders Bank failed, putting its $962.5m [...]
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Three Men Sentenced in Mortgage Fraud Scheme

blogdig.net — 2009-07-06T05:56:00-04:00

Harold Stafford, 43, Sumner County, Tennessee has been sentenced to serve eight years of imprisonment for conviction on fifty-one counts of conspiracy, wire fraud, bank fraud and money laundering. As previously reported on Mortgage Fraud Blog, Stafford and two co-defendants; Miles Jackson Black and Jeffrey Dunn Hathcock were indicted in November of 2007. Stafford was convicted in February 2009, after a six-day jury trial. According …Read More...
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2 Former Staten Island Residents Indicted for $1 Million Real Estate Title Fraud

blogdig.net — 2009-07-06T05:44:00-04:00

Joseph DeVito (DOB: 2/20/1970) and his wife, Mary Ann Palladino-DeVito (DOB: 3/24/1968), former residents of Staten Island now residing in Wilkes-Barre, Pennsylvania have been arraigned on an indictment alleging that from 2002-2004 they embezzled over $1 million from homeowners seeking to clear titles, as well as their franchise's parent company. The defendants are also accused of failing to pay personal income tax to the State of New York for the …Read More...
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Title Insurance Company Owner Charged in $1.7 Million Fraud Scheme

blogdig.net — 2009-07-06T05:35:00-04:00

Jonathan Boxman, 46, an owner and operator of real estate title insurance companies, was charged in federal court in Brooklyn with defrauding clients of title companies he controlled of more than $1.7 million. According to the criminal complaint, Boxman stole money that was entrusted to those companies and used it to pay operating expenses associated with his failing businesses. According to the complaint, Boxman controlled Titledge …Read More...
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Guilty Verdict For Mortgage Fraud Ringleader

blogdig.net — 2009-07-06T05:00:00-04:00

Uto Essien (DOB: 6/24/1964), the ringleader of a multimillion-dollar mortgage fraud operation, has been convicted by an Adams County jury on four felony charges all related to the use of shell corporations and false invoices to skim money off the top of nearly three-dozen real estate transactions, announced Colorado Attorney General John Suthers. Essien's conviction resulted from a 45-count, 10-person indictment the Office of the Attorney General obtained in March …Read More...
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NARcasting The Future: July 2009

blogdig.net — 2009-07-06T04:52:00-04:00

This week, the National Association of Realtors (NAR) provided their latest estimate of annual existing home sales for 2009 revising their 2009 total year sales forecast down to 4.885 million units.Of course their chief economist, Lawrence Yun, and current president, Charles McMillan continue their handiwork carefully spinning the notion of a stabilization in the national housing markets while simultaneously promoting the idea that federal legislation to standardize the home appraisal process
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FHA Website Gives Misleading Information About Reverse Mortgages

blogdig.net — 2009-07-06T04:44:00-04:00

It’s no surprise to most of us when we see misleading claims about mortgages in advertisements- but how about misleading claims on the FHA’s own website?I’ve complained in previous posts that reverse mortgages are not the risk-free products that their marketers often claim. It’s bad enough to have lenders make misleading claims. When the FHA does it though, it’s inexcusable. Here’s one example:Reverse mortgages are becoming extremely popular
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The Arlington Artifice: May 2009

blogdig.net — 2009-07-06T03:58:00-04:00

This recurring monthly post tracks the latest results of the housing market seen in Arlington Massachusetts.I choose Arlington as a result of the Boston Globe?s (relatively) recently published and absurdly anecdotal and ludicrous farce about the town?s ?hot? housing market.The ridiculous tone and outright mishandling of the housing data by the Boston Globe ?reporter? would almost be comical if it weren?t for the fact that the Globe?s editor, Martin Baron, ALSO blundered seriously when he
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Crack of Doom: Economists Missed The Boat

blogdig.net — 2009-07-06T03:01:00-04:00

It’s Monday, and Robert Samuelson of the Washington Post has noted what Doomers have been saying for years- most economists don’t understand the economy:One intriguing subplot of the economic crisis is the failure of most economists to predict it. Here we have the most spectacular economic and financial crisis in decades — possibly since the Great Depression — and the one group that spends most of its waking hours analyzing the economy basically missed it. Oh, a few
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