Follow Me on Twitter

Former Employee and Contractors of Florida Property Management Company Indicted in Illinois for Conspiracy to Commit Bribery and Wire Fraud

WASHINGTON – A Rockford,Ill.,grand jury today indicted a former residential sales manager and two former contractors of a Florida property management company in connection with housing repair contracts for the U.S. Department of Veterans Affairs (VA),the Department of Justice announced. [...]

FHFA Sues the City of Chicago Over Vacant Buildings Ordinance

The Federal Housing Finance Agency (FHFA),on its own behalf and as Conservator for Fannie Mae and Freddie Mac (the Enterprises),has filed a lawsuit in the U.S. District Court for the Northern District of Illinois against the city of Chicago to prevent enforcement of the city’s recently amended “Vacant Buildings Ordinance” against the Enterprises. FHFA reluctantly took this action after undertaking efforts to discuss these matters and to seek alternative solutions to the problem of vacant properties that the ordinance seeks to address. FHFA indicated that the ordinance could affect costs for homeowners in the city. [...]

Baby Boomers Helping Their Kids Buy Homes

Want to buy a house but a little short on cash? If your parents or grandparents are of the baby boomer generation then no problem,they’ll give you the cash! Well,at least one in five will according to a recent survey by Better Homes and Gardens Real Estate. [...]

Justice Department Files Fair Housing Lawsuit Against the Owners and Managers of Rental Homes in Mississippi for Discrimination Against Families with Children

WASHINGTON – The Justice Department today filed a lawsuit against the owners and managers of 23 rental homes in Magee,Miss.,for violating the Fair Housing Act by discriminating against families with children [...]

2012 Presidential Elections:69.6% of Americans Said Housing Will Influence Their Vote

Candidate positions on housing will be important considerations to nearly seven of 10 Americans (69.6%) in the 2012 presidential and congressional elections,according to a new national survey on housing released today by Move,Inc. This is especially true for Millennials(1) (70.7%),the next generation of homebuyers and the segment expected to play as important a role in the 2012 elections as they did in 2008. [...]

Buffalo Developer Indicted for Illegally Filling Over 90 Acres of Wetlands in Amherst,N.Y.

WASHINGTON – A New York developer and his companies were indicted today on federal charges that they conspired to illegally fill jurisdictional wetlands,announced Assistant Attorney General Ignacia S. Moreno for the Justice Department’s Environment and Natural Resources Division and U.S. Attorney William Hochul for the Western District of New York. [...]

Victims of bad foreclosure practices can now apply for review and possible compensation

In late September I wrote about a plan presented by acting Comptroller of the Currency,John Walsh,to address the “robo-signing”issue as well as other improper practices in the foreclosure process that have surfaced. Mr. Walsh’s plan includes an independent review of the files of borrowers that feel they were a victim of a wrongful foreclosure practice as well as the potential for compensation or other relief for borrowers that were found to have been subject to improper foreclosure practices. Just this week it was announced that eligible borrowers may not apply for a review of their file and,if irregularities are found,file a claim for compensation. [...]

Virginia Real Estate Businessman Sentenced to 10 Years in Prison for Mortgage and Investment Fraud Schemes

WASHINGTON – Alexander Otis Matthews,a Virginia real estate businessman,was sentenced today to 10 years in prison in connection with mortgage and investment schemes to obtain more than $12 million in fraudulent loans.

The sentencing was announced by Assistant Attorney General Lanny A. Breuer of the Justice Department’s Criminal Division,U.S. Attorney Neil H. [...]

Harris County,Texas,Commissioner Pleads Guilty to Making a False Statement to FBI;Real Estate Developer Pleads Guilty to False Tax Statement

WASHINGTON – Harris County Commissioner Gerald R. Eversole and Houston-based real estate developer Michael D. Surface both pleaded guilty today in federal court in Houston to making false statements,announced Assistant Attorney General Lanny A. Breuer of the Justice Department’s Criminal Division,Special-Agent-In-Charge (SAC) Stephen L. Morris of the FBI’s Houston Field Office and SAC Rodney E. Clarke of the Internal Revenue Service-Criminal Investigation (IRS-CI) Houston Field Office. [...]

REALTORS offer suggestions to the Fed on how to deal with the REO problem

National Association of REALTORS® (NAR) President,Ron Phipps,wrote a letter to Shaun Donovan,Secretary of the Department of Housing and Urban Development,Timothy Geithner,Secretary of the Treasury Department and Edward DeMarco,Acting Director of the Federal Housing Finance Agency with suggestions on how to improve the Real Estate Owned (REO) asset disposition programs [...]

Four Defendants Indicted in Multi-Million-Dollar Mortgage Fraud Conspiracy

TUCSON,AZ—A federal grand jury returned an indictment charging four defendants in a mortgage fraud conspiracy. The indictment charged 20-counts including conspiracy to commit bank fraud,false statement to influence a financial institution,and conspiracy to commit transactional money laundering.

[...]

Man Charged in $20 Million Mortgage Fraud Scheme

MINNEAPOLIS—Earlier this week in federal court,a 52-year-old man was charged for his role in a $20 million mortgage fraud scheme that involved 57 properties. Douglas Rex Butler was charged via an information with one count of conspiracy to commit wire fraud.

[...]

Electric Panels need their space too

It is not uncommon when performing an inspection,not be able to have ready access to the electric panel cabinet. Items are stored in front of it,it is located behind the laundry equipment,it is covered by a finished wall,it is located in a closet with limited space and yes even it [...]

Justice Department Obtains $70,000 Settlement in Housing Discrimination Lawsuit Against New Orleans Landlords

WASHINGTON – The Justice Department announced today that New Orleans landlords Betty Bouchon,the Bouchon Limited Family Partnership and Sapphire Corp.,have agreed to pay $70,000 in damages and civil penalties to settle a lawsuit alleging they unlawfully denied housing to African-American prospective renters at a 16-unit apartment building located in New Orleans. The settlement [...]

Four Charged with Running $13 Million Loan Fraud Scheme

CINCINNATI—A federal grand jury has indicted four people who ran a Cincinnati real estate business known as American Equity Group (AEG) with fraudulently obtaining more than $13 million in loans through a loan fraud scheme that targeted homeowners or builders in or near foreclosure. The scheme allegedly caused a loss of $6 million.

Carter [...]

Former South Holland Man Sentenced to 17½ Years in Prison for Directing $35 Million Mortgage Fraud Scheme Involving More Than 120 Residences in the Chicago Area

CHICAGO—A former South Holland man was sentenced to 17½ years in federal prison for directing a $35 million mortgage fraud scheme involving more than 120 residences on the city’s south side. The scheme caused various lenders and financial institutions to lose approximately $16 million on mortgage loans that were not repaid by the borrowers or [...]

Buying a home more affordable than renting in three out of four major cities

A report released by Trulia shows that,based on current market conditions,it is cheaper to buy a home than rent in 74 percent of major U.S. cities. At the top of the list is Las Vegas with a price rent ratio of 6 (the lower the number,the more affordable it is). At the [...]

Where are the best places to live in the U.S.?

Today,CNN Money published their 2011 list of the best places to live in the U.S. At the top of the list is Louisville,Colorado. The criteria for selection of the best places to live include jobs,schools,crime,local economy,weather and activities.

The top 10 places to live,according to CNN Money,are:

[...]

Justice Department Sues City of Joliet,Illinois,to Preserve Affordable Housing for City Residents

WASHINGTON – The Department of Justice today filed a lawsuit against the city of Joliet,Ill.,alleging that the city violated the Fair Housing Act and the Housing and Community Development Act by taking a series of actions,culminating in the taking through eminent domain a federally-subsidized affordable housing development,that would displace more [...]

Two Loan Officers and One Title Agent Charged in $2.5 Million Reverse Mortgage and Loan Modification Scheme Plead Guilty in Miami

MIAMI – Louis Gendason of Delray Beach,Fla.; Kimberly Mackey of Pittsburgh;and John Incandela,of Palm Beach,Fla.,pleaded guilty today to one count of conspiracy to commit wire fraud for their participation in a $2.5 million Home Equity Conversion Mortgage,or reverse mortgage,fraud scheme . [...]

Real Estate Agent Sentenced to Federal Prison for Defrauding Bank in Short Sale Mortgage Fraud Scheme

David B. Fein,United States Attorney for the District of Connecticut,announced that ANNA McELANEY,40,of Norwalk,was sentenced earlier this week by United States District Judge Janet C. Hall in Bridgeport to eight months of imprisonment,followed by three years of supervised release,the first six months of which McELANEY must spend [...]

Carried Interest Tax Increase’s Unintended Victim? Affordable Housing

As President Obama and Congress continue their negotiations on a package to increase the debt ceiling,the National Multi Housing Council (NMHC) and the National Apartment Association (NAA) are urging lawmakers to reject proposals to change the tax treatment of carried interest (an interest in the capital gain of a partnership when it sells its [...]

Real Estate Agent,Loan Officer Among Five Defendants to Plead Guilty to $11 Million Mortgage Fraud

KANSAS CITY,MO—Beth Phillips,United States Attorney for the Western District of Missouri,announced that a former real estate agent and a former loan officer are among five co-defendants who have pleaded guilty in federal court to their roles in an $11 million mortgage fraud scheme that involved upscale homes in Lee’s Summit,Blue Springs,[...]

Virginia Real Estate Businessman Pleads Guilty to Mortgage and Investment Fraud Schemes

WASHINGTON – Alexander Otis Matthews,a Virginia real estate businessman pleaded guilty today to fraud charges in connection with mortgage and investment schemes to obtain more than $12 million in fraudulent loans.

The guilty plea was announced by Assistant Attorney General Lanny A. Breuer of the Criminal Division,U.S. Attorney Neil H. MacBride of [...]

Ten Tips To Help Your Tenants Avoid Identity Theft When Moving

How many times have you found mail continuing to be delivered to your rental long after the tenant moved out?  I know I have and even though I have seen bank statements,bills,etc in the piles of mail,I never gave it much thought in terms of how much the tenants were putting [...]

Three Loan Officers and a Title Agent Charged in $2.5 Million Reverse Mortgage and Loan Modification Scheme

The Justice Department announced the unsealing of a criminal information last week,charging four defendants – Louis Gendason,42,of Delray Beach,Fla.;Kimberly Mackey,46,of Pittsburgh;John Incandela,24,and Marcos Echevarria,29,both of Palm Beach,Fla. – with conspiracy to commit wire fraud involving a nation-wide reverse mortgage scam that [...]

Mother,Daughter,Father Plead Guilty to Mortgage Fraud Scam

U.S. Attorney’s Office Southern District of Texas

HOUSTON—Claymon “Butch” Trammell,along with his wife,Jeannettea Williams,and daughter,Michelle Trammell,have all pleaded guilty to conspiracy to commit wire fraud for their roles in a multi-million-dollar mortgage fraud scheme,United States Attorney José Angel Moreno announced today. The three residents of Houston entered their pleas [...]

Owning a home still the ‘American Dream’

A recent survey conducted on behalf of Money Management International (MMI),the largest nonprofit credit counseling agency in the U.S.,showed that the majority of Americans still view home ownership as the “American Dream“. The survey found that 81 percent of people still put a lot of value in owning a home however the [...]

Report says recent good news on housing market is misleading;recovery is a long way off

Following last week’s somewhat encouraging Pending Home Sales report from the National Association of REALTORS which showed increased home sales activity,Radar Logic issued a much less encouraging report. Their report,titled “Don’t be Misled by Gains in Home Price Indices and Pending Homes Sales;Housing Recovery is Still a Long Way Off”pretty [...]

Happy Independence Day!

As we celebrate the 235th birthday of our nation I would hope that we would all take a moment and remember all the men and women that have served,and thank those that are serving,in our armed forces to protect and preserve our freedom! Below are photos I shot of a couple of them [...]