homesmillbrae.com » Prosecutors

4 sentenced in $20M mortgage fraud scheme

Sun, 13 May 2012 09:02:41 +0000

DISCOVERY BAY, Calif.—Four people have been sentenced in a $20 million mortgage scheme that involved properties in Northern California.

Seventy-six-year-old Ronald Nelson and his wife, 53-year-old Edith Nelson, both of Discovery Bay, each received more than 30 months in federal prison on Thursday. The couple pleaded guilty to bank fraud and tax evasion earlier this year.

Two San Francisco Bay area real estate agents, 49-year-old Cristeta Lagarejos and 68-year-old Nelda Asuncion, also pleaded guilty in the case. Lagarejos received an 18-month sentence. Asuncion was sentenced to 30 months in prison.

Prosecutors say the defendants obtained loans for more than 20 properties—many of them senior care facilities—using fake buyers and false employment and earnings information between 2002 and 2007.

The Nelsons were barred from operating senior homes. But prosecutors say they used the straw buyers to skirt that restriction.

Article source: http://www.mercurynews.com/breaking-news/ci_20609868/4-sentenced-20m-mortgage-fraud-scheme

4 plead guilty in NorCal mortgage fraud scheme

Sun, 12 Feb 2012 07:25:05 +0000

DISCOVERY BAY, Calif. — Four people have pleaded guilty to charges in a $20 million mortgage scheme that involved more than a dozen Northern California properties.

Seventy-six-year-old Ronald Nelson and his wife, 53-year-old Edith Nelson, both of Discovery Bay, entered the pleas to federal charges of bank fraud and tax evasion last week.

Two San Francisco Bay area real estate agents, 49-year-old Cristeta Lagarejos and 68-year-old Nelda Asuncion, also pleaded guilty in the case.

Prosecutors say the defendants obtained loans for at least 20 properties – many of them care facilities – using fake buyers and false employment and earnings information between 2002 and 2007.

The Nelsons were barred from operating care facilities. But prosecutors said they used the straw buyers to skirt that restriction.

All four defendants are set to be sentenced on May 11.

Article source: http://www.sacbee.com/2012/02/08/4248689/4-plead-guilty-in-norcal-mortgage.html

Plunging Mortgage Rates Won’t Juice Housing

Thu, 04 Aug 2011 16:58:13 +0000

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The one positive in all the uncertainty surrounding the nation’s debt was a plunge in Treasury yields, which in turn sent mortgage rates to record lows.

The 30 year fixed hit a near-low of 4.45 percent last week from 4.57 percent, and the 15 year made a new low of 3.52 percent, according to the Mortgage Bankers Association. Those low rates pushed refinance applications up 7.8 percent and purchase applications up 5.2 percent (both seasonally adjusted).

So are we housing geeks now jumping for joy? All good? Maybe not so much.

“Refinance application volume increased, but even though 30-year mortgage rates are back below 4.5 percent, the refinance index is still almost 30 percent below last year’s level. Factors such as negative equity and a weak job market continue to constrain borrowers,” notes the MBA’s VP of research and economics, Michael Fratantoni. “Purchase activity increased off of a low base, returning to levels of one month ago, but remains weak by historical standards.”

So even ridiculously low rates are not exactly boosting the housing recovery; that’s because rates have been historically low for a while.

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Article source: http://www.cnbc.com/id/44004035?__source=RSS*blog*&par=RSS