August 1, 2015 |
The mortgage fraud trial of a former Eagles player and his 74-year-old mother took an unexpected turn in a Mount Holly courtroom Thursday when the key prosecution witness admitted during cross-examination that he told a prosecutor that he did not believe the woman was aware she was participating in an illegal scheme. William Barksdale, a mortgage broker already serving a sentence for conspiracy to commit wire fraud, was testifying at the trial of Irving Fryar and Allene McGhee. The state Attorney General's Office contends they were coconspirators with Barksdale in defrauded seven lending institutions in South Jersey and Philadelphia of more than $1.2 million in 2009.
April 12, 2015 |
Words are often inadequate and arguably never more so than Friday, when Keith "King" Tolbert tried to apologize to the family of Francis Zarzycki for killing and dismembering him and scattering his remains. Still, Tolbert tried for about five minutes, making no pretense of seeking forgiveness, struggling just to explain the inexcusable. "I just want you to know that I'm not some type of monster who just sought out their son to destroy him," Tolbert said at a hearing in Philadelphia Common Pleas Court.
January 28, 2015 |
When it comes to mortgages, experience apparently isn't the best teacher. Recent findings by the federal Consumer Financial Protection Bureau, which oversees mortgages and credit cards, among other things, show that almost half of U.S. borrowers don't shop for home loans. The findings were similar to those of LendingTree.com in December 2010, during the depths of the foreclosure crisis. That survey found that 40 percent of 1,317 people contacted obtained a single quote for a mortgage.
September 4, 2014 |
A Bergen County man admitted Tuesday in U.S. District Court in Camden that he used false documents in a $15 million mortgage scam to buy condominiums in North Wildwood. Larry Fullenwider, 63, of Belleville, appeared before Judge Jerome Simandle and pleaded guilty to wire fraud, admitting that he purchased four condos by presenting fake documents to qualify for mortgage loans in a scheme to collect illegal profits. Authorities allege Fullenwider was among a ring of several people from five states, including at least three South Jersey residents, who participated in the elaborate scam.
March 18, 2014 |
They don't necessarily like the term flea market for a new shopping, entertainment, and food venue coming in May to the grounds of the historic Atlantic City Race Course. If the Mercato Market resembles a flea market at all, say husband-and-wife creators Dirk DaCosta and Dina Guzzardo, it's one on a strong dose of steroids. They plan a weekly scene of musical acts, carnivals, and food-truck caravans to round out the offerings of 600 to 800 vendors. "I would say it is the outdoor market reinvented," DaCosta, 51, a business consultant by trade and a native of London, said last week as he and Guzzardo, a former mortgage broker, finalized plans for the mammoth undertaking.
October 3, 2013 |
The partial government shutdown is unlikely to disrupt the housing market in the short term, mortgage brokers and real estate agents said Tuesday. But the longer the shutdown lasts, they said, the greater the chance housing-finance and income-verification issues might slow the market's momentum. From a home buyer's perspective, "there are no immediate impacts to their mortgage as long as they are working with a lender who has delegated underwriting authority," said Mike Copley, head of retail money-out products for TD Bank.
February 28, 2013 |
A Pottstown pastor was convicted Tuesday in a complicated mortgage scam in which he recruited members of the congregation to obtain $6 million in fraudulent loans from JP Morgan Chase Bank. Michael Wilkerson, pastor of New Millennium Life Restoration Fellowship; his wife, Joyce; and two others were charged in the scheme, which took place between 2006 and 2008. Michael Wilkerson, who had set up a business that "purported to be a real estate development company," would approach members who had good credit about acting as "straw purchasers" for several homes in Schwenksville, Montgomery County, and Glenmoore, Chester County, federal prosecutors said.
January 12, 2013 |
The Consumer Finance Protection Bureau on Thursday unveiled its long-anticipated "qualified mortgage" regulation, designed to guarantee that home loans be given only to borrowers able to repay them. Under the new regulation, a lender must obtain and verify an applicant's financial information, including employment status, income, assets, debts, and credit history; the prospective borrower must have enough income or assets to repay the loans, and teaser rates may no longer hide the true cost of a mortgage.
May 25, 2012 |
The U.S. attorney in Philadelphia charged Michael J. Smith, of Springfield, Delaware County, with participation in mortgage fraud that caused losses of $665,000 to lenders. Smith, a former mortgage broker, allegedly participated in a conspiracy with John C. Lucidi Jr. and Eric Maratea, both of whom are charged elsewhere, in a scheme to buy properties, mostly at the Jersey Shore, at inflated prices so that buyers could receive kickbacks of tens of thousands of dollars. Smith was one of the buyers, according to the four-count indictment.
March 23, 2012
At long last, HARP 2.0 is available to Fannie Mae and Freddie Mac borrowers who want to refinance but owe more on their mortgages than their houses now are worth. HARP 2.0 - HARP stands for Home Affordable Refinance Program - is being billed as an improvement over the three-year-old version that just about everyone acknowledges didn't help anyone. The reason for that failure: The original program had limits on loan-to-value ratio, the amount of a mortgage as a percentage of the appraised value of a property.