This week is ending with the national average for mortgage rates on conforming and adjustable rate loans moving lower than yesterday’s report. Below are the current mortgage rates on the nation’s top loan programs, and a daily market snapshot with rate searches from various lenders.
The 30 year fixed mortgage is currently at 3.80%, and the 15 year fixed is the same at 3.14%. (more…)
(Source: USDOJ) – Yesterday, a criminal information was filed charging Jonathan L. Herbert, of Lighthouse Point, Florida, with wire fraud, the United States Attorney for the Southern District of Illinois, Stephen R. Wigginton, announced. The information charged Herbert, 36, with conducting a home loan modification scam that targeted individuals who were having difficulties making their mortgage payments. During a hearing this afternoon before United States District Judge David R. Herndon, Herbert pleaded guilty to the fraud charge contained in the criminal information. (more…)
(Source: Wall Street Journal) – A group of 18 senators—all Democrats and an independent—in a letter on Thursday called on Department of Housing and Urban Development Secretary Julián Castro to lower mortgage costs charged by the Federal Housing Administration. (more…)
The FBI announced yesterday that a Billerica, Massachusetts woman was sentenced for wire fraud charges in connection with a bogus bank guaranty program.
Diane Glatfelter, 48, was sentenced by U.S. District Judge Douglas P. Woodlock to 30 months in prison, three years of supervised release, and ordered to pay $1,575,000 in restitution. In September 2014, Glatfelter was found guilty following a five-day jury trial of four counts of wire fraud, according to the FBI press release. (more…)
(Source: NCUA) – ALEXANDRIA, Va. (Dec. 17, 2014) – The National Credit Union Administration has filed suit in federal court against U.S. Bank National Association and Bank of America National Association, alleging the banks violated state and federal laws by failing to fulfill their duties as trustees for 99 residential mortgage-backed securities trusts. (more…)
The national mortgage and ARM rates for this Thursday morning are higher than yesterday’s report. A brief summary of the top loan programs in the U.S. and market snapshot are listed below.
The national average for the 30 year fixed mortgage is currently higher than yesterday by -.02% coming in at 3.82%, and the 15 year fixed is also up by -.01% to 3.11%. (more…)
(Source: Charlotte Observer) – Soon after taking office, North Carolina Gov. Pat McCrory and U.S. Rep. Mark Sanford of South Carolina accepted six-figure stock payouts from an online mortgage broker – a move that experts say raises ethical if not legal concerns. (more…)
(Source: Sun Sentinel) – South Florida led the nation last year in loans investigated and verified for mortgage fraud, according to a report from LexisNexis Risk Solutions. (more…)
(Source: NY Times) – A former Countrywide Financialexecutive who became a whistle-blower is collecting more than $57 million for helping federal prosecutors force Bank of America to pay a record $16.65 billion penalty in connection with its role in churning out shoddy mortgage and related securities before the financial crisis. (more…)
Andrew Constantinou, a former loan officer at GMAC Mortgage and Countrywide Home Loans, was sentenced today to five years in prison for his role in a mortgage fraud scheme involving more than 40 properties that caused $7 million in losses to lenders, according to U.S. Attorney Paul J. Fishman.
The FBI said that Constantinou, 58, of Unionville, Connecticut, was originally convicted by jury of all counts on April 18, 2014. He was found guilty of conspiracy to commit mail, wire, and bank fraud. (more…)
Current conforming national mortgage and ARM rates are mostly mixed, with rates going both lower and higher for this Wednesday morning. A summary of the nation’s top loan programs and market snapshot are listed below.
The national average for the 30 year fixed mortgage is currently lower than yesterday’s report, coming in today at 3.80%, and the 15 year fixed is also lower at 3.10%. (more…)
No one is immune from the long arm of the law. Since the beginning of the mortgage crisis and fraud epidemic, we have seen bank owners, NFL football players, policemen, and even government officials get busted for their greedy white-collar crimes such as in this case.
Yesterday, a federal jury in Florida convicted the former North Miami mayor for her role in an $11 million mortgage fraud scheme. She was the first female Haitian-American mayor, but quickly was found out to be a criminal and suspended from her post. (more…)
The FBI announced that Mark C. Busack, a Wheeling, West Virginia mortgage broker was convicted yesterday for defrauding his clients.
Busack pled guilty to four counts of “Use of an Unauthorized Access Device” and one count of “Filing a False S Corporation Income Tax Return,” according to United States Attorney William J. Ihlenfeld. (more…)
(Source: Freddie Mac) MCLEAN, VA- Freddie Mac (OTCQB: FMCC) released today its U.S. Economic and Housing Market Outlook for December, looking back at five key consensus predictions for 2014, how they fared, and what that means for housing and the economy in 2015. A video preview, along with the complete December 2014 U.S. Economic and Housing Market Outlook and forecast table, is available here. (more…)
The current national average for mortgage rates on conforming and adjustable rate loans, are mostly the same as yesterday’s report. A brief summary of current mortgage rates and a daily market snapshot are listed below, along with rate searches from some of the nation’s top lenders. (more…)