Archives

WASHINGTON, D.C. - April 14, 2011 - (RealEstateRama) -- In the wake of a settlement between 14 U.S. mortgage servicers and foreclosed homeowners, U.S. Sen. Sherrod Brown (D-OH) introduced landmark legislation to prevent future servicer fraud and errors, improve foreclosure counseling and prevention, and reform oversight of mortgage-based investing.

CLEVELAND, OH - April 1, 2011 - (RealEstateRama) -- County Prosecutor Bill Mason and the Cuyahoga County Mortgage Fraud Task Force operating under authorization of Ohio Attorney General and Ohio's Organized Crime Investigations Commission announced that Daniel R. Hagen was indicted on five counts of mortgage fraud offenses including engaging in a pattern of corrupt activity. Arraignment is scheduled April 12, 2011.

WASHINGTON, D.C. - March 15, 2011 - (RealEstateRama) -- U.S. Sen. Sherrod Brown (D-OH) attended a hearing of the U.S. Senate Committee on Banking, Housing, and Urban Affairs today entitled ‘The Administration’s Report to Congress: Reforming America’s Housing Finance Market.’ The hearing examined the progress the Obama Administration has made in reforming the mortgage During the hearing, Sen. Brown announced that he would file legislation to help Ohio homeowners avoid foreclosure through both affordable mortgage modifications.

CLEVELAND, OH - March 15, 2011 - (RealEstateRama) -- County Prosecutor Bill Mason and the Cuyahoga County Mortgage Fraud Task Force operating under authorization of Ohio Attorney General and Ohio's Organized Crime Investigations Commission announced a 46 count indictment against Donna Sherman and her title company, Sherman Title Agency, located in Northfield, Ohio.

CLEVELAND, OH - February 17, 2011 - (RealEstateRama) -- County Prosecutor Bill Mason and the Cuyahoga County Mortgage Fraud Task Force operating under authorization of Ohio Attorney General’s Office and Ohio's Organized Crime Investigations Commission announced that Fred Loewinger was sentenced to six years in prison and ordered to pay $1.4 million in restitution. Co-defendant Mitchel Petti was found guilty at trial of 13 felony mortgage fraud charges and will be sentenced March 14, 2011.

CLEVELAND, OH - January 19, 2011 - (RealEstateRama) -- County Prosecutor Bill Mason and the Cuyahoga County Mortgage Fraud Task Force operating under authorization of Ohio Attorney General's Office and Ohio's Organized Crime Investigations Commission announced that Jeffrey St. Martin was sentenced to six years in prison. He was ordered to pay $3,089,750 in restitution and $30,000 in forfeiture

WASHINGTON, D.C. - January 4, 2011 - (RealEstateRama) -- U.S. Sen. Sherrod Brown (D-OH) and five of his Senate Banking Committee colleagues urged the Federal Reserve to reconsider proposed rules that would eliminate the ability of homeowners to stop foreclosures and rescind predatory home loans. The proposed rule would prevent homeowners from cancelling mortgages that violate the Truth in Lending Act

Washington, DC - December 16, 2010 - (RealEstateRama) -- House Speaker-designate John Boehner (R-West Chester) issued the following statement in response to a report released by the Republican commissioners on the Financial Crisis Inquiry Commission (FCIC) regarding the causes of the financial crisis:

COLUMBUS, OH - November 23, 2010 - (RealEstateRama) -- The Ohio Housing Finance Agency (OHFA) today announced the launch of the New Home Sweet Home Program that allows homebuyers to obtain a conditional loan reservation to lock their mortgage interest rate during new-home construction. The New Home Sweet Home Program is an extended lock option for homebuyers who purchase a new home and want to use OHFA's first-time homebuyer programs. By allowing for a conditional loan reservation, a lender can offer a rate lock for up to 180 days while a builder completes the construction of the home. The interest rate at the time of reservation will be set at .25% higher than OHFA's standard rate which is currently 4.25% for unassisted loans and 4.75% for loans with down payment assistance.

WASHINGTON, D.C. - November 17, 2010 - (RealEstateRama) -- U.S. Sen. Sherrod Brown (D-OH) attended a hearing of the U.S. Senate Committee on Banking, Housing, and Urban Affairs today entitled ‘Problems in Mortgage Servicing from Modification to Foreclosure.’ The hearing examined the role that the nation’s largest banks have played in exacerbating the foreclosure crisis in Ohio. Yesterday, the Government Accountability Office (GAO) released a report requested by Brown on the practice of "abandoned foreclosures," also commonly referred to as "bank walkaways."

WASHINGTON, DC - November 15, 2010 - (RealEstateRama) -- Today, the Government Accountability Office (GAO) released a report requested by U.S. Senator Sherrod Brown, Chairman of the Economic Policy Subcommittee of the Senate Committee on Banking, Housing, and Urban Affairs, on the practice of "abandoned foreclosures," also commonly referred to as "bank walkaways." This is the practice whereby banks decline to take possession of properties after initiating the foreclosure process, most often because the costs — from legal fees to maintenance — exceed the value of the real estate

COLUMBUS, OH - November 11, 2010 - (RealEstateRama) -- Todd M. Gongwer, of Columbus, Ohio, was sentenced today to two years in prison for conspiring with convicted Columbus area home builder Thomas Parenteau to commit a mortgage fraud scheme in which the pair defrauded banks into lending more than $10 million to Gongwer, his nominees and unqualified borrowers, the Justice Department announced today. Gongwer was also sentenced for committing tax evasion by using bank accounts of others to hide the income that he earned from ReMax Affiliates from 2000 through 2005

COLUMBUS, OH - October 13, 2010 - (RealEstateRama) -- Ohio Attorney General Richard Cordray, who recently filed the first lawsuit in the nation against a mortgage servicer over fraudulent affidavits filed in foreclosure cases, announced today that his office is joining with other state attorneys general in a multi-state investigation of these practices."This is the clearest signal yet to the major mortgage lenders and servicers that they need to take serious measures to fix problems with affidavits," Cordray said. "What we have seen are not mere technicalities, as some suggest; rather, this is about the private property rights of homeowners facing foreclosure and the integrity of our court system, which cannot enter judgments based on fraudulent evidence.

COLUMBUS, OH - September 13, 2010 - (RealEstateRama) -- The Ohio Housing Finance Agency (OHFA) today reduced mortgage interest rates on loans through its First-Time Homebuyer Program to the lowest rates in the Agency's history.

COLUMBUS, OH - August 4, 2010 - (RealEstateRama) -- The U.S. Department of Treasury today announced the approval of the Ohio Hardest-Hit Fund (Ohio HHF) plan.

Washington, DC - June 24, 2010 - (RealEstateRama) -- Congressman Dennis Kucinich (D-OH) today continued his relentless efforts on behalf of Cleveland area homeowners during a hearing examining the efficacy of the Administration’s centerpiece program to assist borrowers seeking modifications of their mortgages.

CLEVELAND, OH - May 21, 2010 - (RealEstateRama) -- County Prosecutor Bill Mason and the Cuyahoga County Mortgage Fraud Task Force operating under authorization of Ohio Attorney General Richard Cordray and Ohio’s Organized Crime Investigations Commission announced that Mark Kellogg was sentenced to 14 years on May 19, 2010 for operating a large mortgage fraud scheme in Slavic Village. Kellogg was ordered to pay restitution of $5,831,500 to lenders and $186,715 to 109 neighbors who sold properties located on the same city block as the foreclosures resulting from mortgage fraud

COLUMBUS, OH - May 19, 2010 - (RealEstateRama) -- In a case symbolic of the nation’s foreclosure crisis, a mortgage broker was sentenced today in Cuyahoga County for orchestrating a mortgage fraud scheme that involved $5.8 million in bogus loans and 78 homes in Cleveland’s Slavic Village.

COLUMBUS, OH - April 14, 2010 - (RealEstateRama) -- The Ohio Housing Finance Agency (OHFA) is the leader in developing effective programs that strengthen Ohio communities and address affordable housing needs throughout the state. OHFA is recognizing the best in innovative and quality initiatives across the affordable housing industry with the Spirit of Homeowner Excellence Awards (SHEAs).

CINCINNATI, OH - January 29, 2010 - (RealEstateRama) -- A two-year investigation by the Greater Cincinnati Mortgage Fraud Task Force has resulted in a seven-count indictment charging two Cincinnati area home builders, a former Huntington National Bank vice president, and a self-employed tax preparer and interior designer with participating in a mortgage fraud scheme to sell four high-end luxury properties to “straw buyers.”