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  •   Kansas man pleads guilty to defrauding mortgage lenders
Jason L. Rabicoff of Overland Park, Kan. has pleaded guilty to taking part in a $3 million mortgage fraud scheme, said U.S. Attorney Barry Grissom. Rabicoff pleaded guilty to one count of wire fraud. In his plea, he admitted that in 2006 while he worked as a loan officer at Apex Financial in Olathe, Kan., he took part with his brother, Eric M. Rabicoff, and others in a scheme to defraud mortgage lenders. The conspirators arranged for straw buyers to purchase homes that were for sale by owners. They obtained financing for the deals by submitting false loan applications to lenders.
NationalMortgageProfessional.com,NMP Media Services,   09/03/2010

  •   The HUD hammer hits hard: FHA withdrawals FHA approval status from 905 lenders
The Federal Housing Administration`s Mortgagee Review Board (MRB) has been busy this year. They published a notice in the Federal Register that announced dozens of administrative actions against FHA-approved lenders who did not meet FHA policy requirements. In 2010 alone, up to the time of the writing of the notice, the MRB has issued around 1,500 sanctions against lenders, including “reprimands, probations, suspensions, withdrawals of approval and civil money penalties.” The following is a quote from FHA Commissioner David H. Stevens:
NationalMortgageProfessional.com,NMP Media Services,   09/03/2010

  •   NAIC selects Blackrock Solutions to model CMBS
The National Association of Insurance Commissioners (NAIC) has selected Blackrock Solutions to assist state regulators as they determine risk-based capital (RBC) requirements for the commercial mortgage- backed securities (CMBS) held by insurers. As the third-party financial modeler, Blackrock Solutions will assist in the assessment of more than 7,000 CMBS holdings by U.S. insurance companies at the end of 2010, measured in terms of unique Committee on Uniform Security Identification Procedures (CUSIPs).
NationalMortgageProfessional.com,NMP Media Services,   09/03/2010

  •   Avoiding deals with property value issues
If we could somehow collect and reinvest all of the resources wasted on potential loans that do not close due to unrealistic property value exercitations, we would be wealthy individuals. This is especially true in today’s environment of underwriter skepticism and the tightening of standards due to the recent mortgage meltdown. We are not talking about appraiser mistakes that do occur from time to time. We are talking about circumstances where the property value simply is not there.
NationalMortgageProfessional.com,NMP Media Services,   09/03/2010

  •   FHFA establishes new goals for GSEs
The Federal Housing Finance Agency (FHFA) has sent a final rule to the Federal Register establishing new housing goals for Fannie Mae and Freddie Mac, the government-sponsored enterprises (GSEs) for 2010-2011. The Housing and Economic Recovery Act of 2008 (HERA) required the FHFA to establish housing goals for the GSEs for targeted segments of the mortgage market.
NationalMortgageProfessional.com,NMP Media Services,   09/03/2010

  •   Foreclosure rescue scam busted in Nevada
Three people were indicted in Nevada for allegedly operating a foreclosure rescue scam in Las Vegas during 2008 and 2009. The indictment alleges that Doninador Palalay, Marie Tejada Medina and Benjamin Aquino Moraleda III allegedly operated a foreclosure rescue scam under the business name of PDM Financial Group Inc.
NationalMortgageProfessional.com,NMP Media Services,   09/03/2010