September 29, 2011
Federal authorities charged a Montgomery County pastor and three others in an alleged $6.4 million mortgage fraud. The U.S. Attorney's office in Philadelphia said Thursday that Michael Wilkerson recruited at least five congregants of his New Millenium Life Restoration Fellowship, with locations in Phoenixville and Spring City, to act as straw buyers, who were paid $15,000 to participate in the scheme December 2006 to about August 2008....
August 26, 2011
In the Region Guilty plea entered in mortgage fraud John C. Lucidi Jr., a former mortgage broker for companies in West Chester and Newtown Square, pleaded guilty to a mortgage fraud that cost banks more than $7 million between May 2005 and October 2008, Zane David Memeger, United States attorney for the Eastern District of Pennsylvania, said Thursday. Lucidi, 30, of Las Vegas, allegedly found buyers for houses at inflated prices, helped them qualify for mortgages by supplying false information to lenders, and gave the buyers kickbacks at closing, typically between $30,000 and $50,000, prosecutors said.
July 15, 2011
Mortgage fraud alleged John C. Lucidi Jr., 30, of Las Vegas, who once worked in West Chester, was charged by the U.S. Attorney's Office yesterday in a $7-million mortgage scheme to defraud seven financial institutions. Authorities said Lucidi, who formerly worked as a mortgage broker for companies in West Chester and Newtown Square, found buyers, some of them family members, to buy homes - primarily in North Wildwood - for inflated prices in exchange for kickbacks of between $30,000 and $50,000 at closing.
July 14, 2011 |
A Las Vegas man who once worked in West Chester was charged today by the U.S. Attorney here in a $7-million mortgage fraud scheme. Authorities said John C. Lucidi Jr., 30, who formerly worked as a mortgage broker for companies in West Chester and Newtown Square, defrauded at least seven financial institutions as part of a scheme that lasted from May 2005 to October 2008. The court filing alleged that Lucidi found buyers, including family members, to purchase homes-primarily located in North Wildwood for inflated prices so that buyers could get kickbacks of of between $30,000 and $50,000 at closing.
May 27, 2011
The owner of Invictus Financial Group in Havertown was sentenced to 60 months in prison and ordered to pay restitution of $3.9 million for operating a real estate investment scheme that caused $6 million in losses to lenders, the U.S. Attorney's Office in Philadelphia said. Kirk H. Kirby, of Capital Heights, Md., pretended to be a licensed mortgage broker and ran what the government said was similar to a Ponzi scheme in 2006 and 2007. An accomplice, Sholanda Y. Johnson, of Philadelphia, was sentenced to 30 months and ordered to pay back $2.4 million.
April 29, 2011
The road to retirement can be paved with good intentions - such as paying down the mortgage faster so that, by the last day on the job, your house really is all yours. With millions of homeowners struggling to make even regular mortgage payments these days, an accelerated payoff goal may seem beyond reach. Yet many financial planners still advise debt-free retirement - including freedom from mortgage payments. Why? So you'll require less income to support yourself during retirement, says certified public accountant and financial planner Jacquelyn M. Basso, of Jacquelyn M. Basso & Associates of Downingtown.
September 29, 2010
Man guilty in fatal stabbing A Camden man was convicted yesterday of killing a girlfriend with whom he had two children. Ernest Lawrence, 29, was arrested for the stabbing death of Jennifer Lane, 19, on Jan. 8, 2008. Prosecutors said he stabbed and slashed her 17 times. He allegedly stabbed himself and then said Lane attacked him. After being released from the hospital he tried to flee to Jamaica but was arrested before he was able to, prosecutors said. He could receive life in prison when he's sentenced Nov. 19. Man shot in Chester bar Two men walked into Bill's Tavern on 3rd Street near Thurlow, Chester, Monday afternoon and opened fire, critically injuring a 35-year-old man, according to police.
July 18, 2010 |
An acquaintance told me that he was taking an offer to modify his mortgage, and that changing his loan from a 30-year to a 15-year fixed rate would cost him just $800. I make it a habit not to pry into the financial affairs of friends, but I was astounded by this one's use of the word modify , since it's become synonymous with desperate borrowers. Permanently modifying a loan can forestall foreclosure, which is a good thing. But the downside is it affects your credit detrimentally.