Mark Dewberry Realty

Mortgage Executives Sentenced in $3 Billion Fraud Ring

2011-06-13T12:46:00.000-05:00

Two executives from Taylor, Bean & Whitaker Mortgage Corp, formerly one of the country's largest privately held mortgage lending companies were sentenced to several years in prison for their involvement in an estimated $3 billion mortgage fraud ring. Former president Raymond Bowman, and former treasure Desiree Brown were convicted for their roles in trying to hide major company losses by transferring money between accounts at Colonial Bank and selling bogus mortgage loans that either were previously sold or never existed. Bowman was sentenced to 30 months in prison while Brown was sentenced to 6 years in prison. Former chairman Lee Farkas who prosecutors named the ring leader of the fraud is set to be sentenced June 27.

According to prosecutors the mortgage fraud ring lasted more than 7 years until August 09 which caused the collapse of Taylor, Bean, & Whitaker mortgage corp and Colonial BancGroup Inc.'s Colonial Bank.

While it seems that the government is starting to make those at fault pay, their are still much bigger fish to fry.

Mortgage Rates Keep Dropping

2011-06-12T14:35:00.002-05:00

For the 8th consecutive week fixed and adjustable rate mortgages have continued to drop to a new yearly low. Rates for a 30 years fixed-rate mortgage dropped from an average of 4.55 percent last week to 4.49 percent this week, as opposed to last years average at this time of 4.72 percent. 5 year adjustable-rate mortgage rates have dropped from an average 3.41 percent last week to 3.28 percent this week. This time last year 5 year ARM averaged 3.92 percent.

With mortgage rates dropping every week it would seem that the market should be flooded with new buyers, just waiting to take advantage of the low rates and cheap property. Not exactly. Even with the low rates its not guaranteed that you will be approved for a loan. It has become harder than ever to secure financing and the banks are making it as difficult as possible to get a loan. Due to their mismanagement of funds and blatant disregard for current and future homeowners, we are now looking at a market where if you don't have cash or perfect credit you are swimming upstream.

Listing: 7530 S. Paxton Chicago, IL MLS#:07699899

2011-06-12T12:04:00.001-05:00

Listing Price: $120,000

4 Bedrooms

1.1 Bathrooms

This recently remodeled brick bungalow in the heart of South Shore is a must see. Just walking distance from the lakefront and a few minutes from downtown this spacious and cozy home is just waiting for the right owner. The property is an approved short sale that is in need of a buyer and a little love and care.

Why rent when you can own?

2011-04-02T14:16:00.000-05:00

In today’s market it’s kind of a catch 22 for many people who want to get in the business of buying real estate. The property is cheap but it is harder to get a loan. Some may not even know the steps to take to become a homeowner. Some people may feel that they are ready to buy a home but the mortgage companies may not agree. If you are one of these people then the best option for you would be to find a “Rent to own” or “Rent with option to buy” program. The “rent to own” program helps individuals who are unable to get a home loan due to unpaid debts or low credit scores rent a property for a specified time period and if the rent is paid on time every month the owner will sell the property to the tenant. Many owners understand that it is becoming harder to get a loan and are willing to work with potential buyers to help them gain the security of owning a home. The real estate market is always changing, and not always for the better, but with change comes new opportunities and the opportunity to own a home is still attainable.
For more information on the Rent to Own program feel free to send me a message at markdewberry1@gmail.com.

Listing: 6416 Hummingbird LN Matteson, IL MLS#: 07621215

2011-04-02T13:53:00.000-05:00

Listing Price: $155,000

4 Bedrooms

2.1 Bathrooms

Beautiful 2 story home with plenty of space to do whatever you please. This house has a large master bedroom with walk-in closet and full bath. It also has a spacious kitchen and dining area just waiting to be used. There is also a full unfinished basement that needs the right buyer to put on their finishing touch.

Welcome

2011-04-02T13:47:00.000-05:00

Welcome to Mark Dewberry Realty. My name is Mark Dewberry and I am a Realtor with Supreme Manor Real Estate Services in Chicago, IL. I have created this site to connect with those who are interested in learning about the current real estate market in the Greater Chicago metropolitan area. I am here to help those who want to begin the process of buying a home or those who are just looking for a change.