Initial Court Appearance for the Alleged Mortgage Fraud Mastermind

October 20, 2010
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Bayside, New York – Jong Shin was the alleged mastermind of a mortgage fraud and money laundering scheme that involved residential properties in Atlantic City, New Jersey has his initial appearance in connection with a two-count indictment.

The Indictment charges that Shin conspired with others to get hold of more than a million dollars of mortgage loans for unqualified borrowers during June 2006 through December 2006 to purchase seven houses in Atlantic City at inflated prices. The Indictment further alleges that Jong Shin and other members of the conspiracy took out a portion of the proceeds from the fraudulently obtained mortgage funds paid at the real estate closings, which Shin used…

Man From Lithia, Florida Charged & Arrested For Mortgage Fraud Scheme

August 11, 2009
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There is a new development regarding the mortgage fraud scheme that happened in 2004 where dozens of people became a victim. Jeffrey Ryan Ayers, who worked for Advanced Mortgage Solutions, was arrested for his participation on the said scheme.

Jeffrey Ryan Ayers, a 29 year old man from Florida, was charged with grand theft for the multi-million dollar mortgage fraud, racketeering, and conspiracy to commit racketeering. His co-conspirators were already sentenced and sent to prison. Since Ayers has worked for the Advanced Mortgage Solutions, that is also associated with home improvement business, he was able to use his position to persuade customers to get a home loan from them. Ayers, together…

Former Underwriter Sixth Person Sentenced For House Flipping Scheme

August 11, 2009
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A former underwriter at Citywide Mortgage named as Michelle Cochrane was sentenced to a one year and one day custody in federal prison as she pled guilty for her participation in the so called House Flipping Scheme.

Michelle Cochrane is the sixth person to be sentenced as the investigation regarding the House Flipping Scheme continues. Cochrane was an underwriter in Citywide Mortgage where she used her position to approve falsified FUD or HUD loan applications for the straw buyers. These applications involve the use of increased real estate appraisal, fake credit information, and false tax information. Calvin Davis, one of the conspirators, was said to be responsible for buying properties and…

Mortgage Rates Up

February 12, 2009
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Mortgage rates are up as seen from the Primary Mortgage Market Survey or PMMS recently released by Freddie Mac. The survey shows an average 5.25% for the 30-year fixed rate mortgage with 0.8 point for the week of February 5 compared to the 5.10% average rate prior to that week. The survey also shows an increase in the 15-year fixed mortgage rate from 4.80% the previous week to 4.92% for the week ending February 5.

Freddie Mac vice president Frank Nothaft said the positive economic reports resulted to an increase in the fixed-rate mortgage interest rates. This can be good news or bad news depending on which side of the fence…