Mortgage and Financial News From 2009-4-28 Page 01

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• Measure to Bolster Mortgage-Fraud Prosecutions Passes Senate - Bloomberg

  April 28 (Bloomberg) -- The U.S. Senate approved legislation giving the government more power to prosecute mortgage and financial fraud and creating a commission to investigate the causes of the economic crisis. The measure, passed 92-4 today, would ...
  2009-04-28 04:48:00

• 2 former American Home execs charged with hiding losses - USA Today

  Michael Strauss, 50, the former CEO of Melville, N.Y.-based American Home Mortgage Investment, and Stephen Hozie, 50, the former CFO of the now-bankrupt firm, fraudulently understated the company's first-quarter 2007 loan loss reserves by tens of ...
  2009-04-28 07:32:00

• Safe Harbor: Unnecessary, Unfair, Unconstitutional - PR Newswire (press release)

  Safe Harbor: Unnecessary, Unfair, UnconstitutionalPR Newswire (press release), NYWASHINGTON, April 28 /PRNewswire-USNewswire/ -- A foreclosure prevention bill that could hit the Senate floor this week is coming under increased scrutiny from mortgage investors. At issue is a provision in the legislation intended to help Americans ...
  2009-04-28 05:02:46

• Report: AIG investigation focusing on 3 employees - Forbes

  Report: AIG investigation focusing on 3 employeesForbes, NYAIG noted it is cooperating with the investigation, but added it is not "aware of any fraud or malfeasance in connection with the underwriting and creation" of the derivatives contracts. The investigation is focused on possible ways the three ...
  2009-04-28 05:35:44

• Statement of Senator Chuck Grassley - Trading Markets (press release)

  Statement of Senator Chuck GrassleyTrading Markets (press release), CAIt makes revisions to our criminal fraud laws to ensure that complex financial and mortgage crimes aren't outside the scope of federal jurisdiction in the future. It also makes necessary corrections to our anti-money laundering laws to ensure that a ...
  2009-04-28 05:48:26

• Summary of action in Alabama Legislature - WZTV

  Summary of action in Alabama LegislatureWZTV, TN--Passed a bill to create the crime of mortgage fraud, punishable by up to 10 years in prison, for making deliberate misstatements during the mortgage lending process. Goes to House. --Debated, but did not take a final vote on, bills to allow the sale ...
  2009-04-28 06:08:46

• More than 100 private money managers apply for Treasury's toxic ... - Los Angeles Times

  More than 100 private money managers apply for Treasury's toxic ...Los Angeles Times, CAAnd if they make money, taxpayers should as well -- if all goes as planned, and if fraud and self-dealing aren't rampant. The public-private investment program, unveiled in March, calls for money managers to invest alongside the government to buy ...
  2009-04-28 06:48:36

• Toronto investment dealer pleads guilty to fraud - Toronto Star

  Toronto investment dealer pleads guilty to fraudToronto Star,  CanadaThe fraudster impersonated the psychiatrist to obtain a bank mortgage and line of credit totalling $1.2 million. When the bank insisted on the wife's signature as well, Rootenberg conned his sister-in-law into accompanying him to sign paperwork he ...
  2009-04-28 07:05:01

• ENFORCEMENT PROCEEDINGS - SEC Sues Former Officers of American ... - Trading Markets (press release)

  ENFORCEMENT PROCEEDINGS - SEC Sues Former Officers of American ...Trading Markets (press release), CA... Quote | Chart | News | PowerRating -- Today, the Commission charged American Home Mortgage Investment Corporation's former chairman and chief executive officer Michael Strauss and former chief financial officer Stephen Hozie with securities fraud. ...
  2009-04-28 07:23:02

• Ex-American Home CEO settles with SEC for $2.45M - The Associated Press

  Ex-American Home CEO settles with SEC for $2.45MThe Associated PressThe SEC has said it is investigating about two dozen cases related to possible mortgage fraud, in addition to its efforts with the Justice Department and other federal agencies. "The investigation into mortgage-related fraud is a high priority," ...
  2009-04-28 09:10:55

• Victor Clavizzao sentenced to five years for mortgage fraud - Tampabay.com

  Victor Clavizzao sentenced to five years for mortgage fraudTampabay.com, FLAs the St. Petersburg Times first reported exactly two years ago, Clavizzao, a native New Yorker, had a lengthy prison record for fraud and grand theft before he moved to Pinellas County in 2005 and began working as a mortgage loan officer at the ...
  2009-04-28 10:18:47

• The Ticker - Boston Herald

  The TickerBoston Herald, United StatesThe Senate voted to hire hundreds more FBI agents and prosecutors to go after mortgage fraud, filling a personnel gap that lawmakers say has prevented the government from pursuing some 5000 incidents reported each month. Chrysler's biggest lenders and ...
  2009-04-28 11:05:29

• Woman Pleads Guilty In Massive Mortgage Fraud (CBS 13 Baltimore)

  Federal prosecutors say a D.C. woman has pleaded guilty in a massive mortgage fraud Ponzi scheme that defrauded more than 1,000 people of about $70 million.
  2009-04-28 09:39:40

• Lender Settles Suit for $2.5 Million (New York Times)

  A federal lawsuit accused the former chief executive of American Home Mortgage Investment and two others of accounting fraud.
  2009-04-28 10:10:34

• Briefs: AIG execs face federal probe (Fort Worth Star-Telegram)

  3 AIG execs focus of federal investigati
  2009-04-28 10:29:04

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