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By Steve Kilar and The Baltimore Sun | December 20, 2012
An Upper Marlboro mortgage broker has admitted to inflating her clients' incomes so that they would qualify for larger mortgage loans - a scheme that caused lenders to lose more than $1.3 million, officials said. Licensed mortgage broker and the owner of the Newgate Mortgage company, Shola Risikat Balogun, pleaded guilty Wednesday in federal court to conspiracy to commit wire fraud in connection with a plot she led to make money off loan origination fees, commissions and other premiums, according to a statement from the U.S. Attorney's Office for Maryland.
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BUSINESS
By Carrie Wells, The Baltimore Sun | January 11, 2013
A federal grand jury in Baltimore indicted six people in a $4.5 million mortgage scheme that allegedly defrauded banks, home buyers and sellers across the state, the U.S. Department of Justice announced Friday. The indictment said a group of six people worked in various stages of the mortgage process and set up shell companies to handle the illicit proceeds. One defendant, Gregory Green of Waldorf, was a contract specialist with the U.S. Department of Justice. He no longer works at the agency.
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NEWS
The Baltimore Sun | January 12, 2012
A Bethesda man was sentenced Thursday to 33 months in prison followed by three years of supervised release for two counts of mail fraud connected to a mortgage scheme that defrauded lenders, family members and others, the Maryland U.S. Attorney's Office reported. Douglas Skibicki, 42, was also ordered to forfeit $1.4 million and to pay restitution to the victims; the exact amount will be determined at a later date, the U.S. Attorney's Office said. Skibicki, a mortgage originator for a firm based in Laurel, admitted that from April 2006 to August 2009 he defrauded people through a series of real estate transactions, according to his plea agreement.
BUSINESS
By Steve Kilar and The Baltimore Sun | December 20, 2012
An Upper Marlboro mortgage broker has admitted to inflating her clients' incomes so that they would qualify for larger mortgage loans - a scheme that caused lenders to lose more than $1.3 million, officials said. Licensed mortgage broker and the owner of the Newgate Mortgage company, Shola Risikat Balogun, pleaded guilty Wednesday in federal court to conspiracy to commit wire fraud in connection with a plot she led to make money off loan origination fees, commissions and other premiums, according to a statement from the U.S. Attorney's Office for Maryland.
BUSINESS
By Kenneth R. Harney | September 6, 1998
HERE'S A cautionary tale for homeowners looking to refinance. The tale is at the core of a class-action suit with national significance certified for trial recently by a federal judge in New Hampshire.Two years ago, Michael Mulligan, a postal worker in Boston, and his wife, Patricia, sought to refinance their home in Marshfield, Mass. They contacted a mortgage brokerage firm, Choice Mortgage Corp., based in Nashua, N.H. Like many brokers, Choice routinely asked its clients to read and sign a disclosure document called a "broker fee agreement."
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | May 11, 2012
A 78-year-old Annapolis man who said he was duped into getting unsuitable mortgages — sending the home he had owned for decades into foreclosure — was awarded $342,000 by an Anne Arundel County jury this week. The jury found that Dennis Hollidayoke's mortgage broker violated state and federal law when arranging a "payment option" adjustable-rate mortgage for him in 2006 and then refinancing it into another payment option loan seven months later. The mortgages are also known as negative amortization loans because the lowest payment option adds to what's owed on the mortgage rather than subtracting from it. Hollidayoke said no one mentioned this aspect of the loan to him upfront, and his attorney said it never was made clear in the paperwork.
BUSINESS
By Michael Gisriel | February 12, 1995
Q: Can you obtain a CDA [Community Development Administration], VA or other government-backed mortgage loan for a house through a private mortgage broker or lender?Yolanda Lomax, BaltimoreA: Any private mortgage broker or lender would be ready, willing and able to help you obtain a CDA, VA or other government-subsidized mortgage loan for the purchase or refinance of a house.It is not necessary to apply directly to the government agency involved. Talk to your local savings institution or look in the yellow pages for the phone number of a mortgage broker.
BUSINESS
By Carrie Wells, The Baltimore Sun | January 11, 2013
A federal grand jury in Baltimore indicted six people in a $4.5 million mortgage scheme that allegedly defrauded banks, home buyers and sellers across the state, the U.S. Department of Justice announced Friday. The indictment said a group of six people worked in various stages of the mortgage process and set up shell companies to handle the illicit proceeds. One defendant, Gregory Green of Waldorf, was a contract specialist with the U.S. Department of Justice. He no longer works at the agency.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | April 12, 2011
A 29-year-old College Park man was sentenced Monday in federal court to more than five years in prison for defrauding a mortgage company that made loans on six Baltimore properties. Dema Daiga was sentenced by U.S. District Judge Marvin C. Garbis, who ordered Daiga to pay restitution of $664,493 and a special assessment of $1,200. The sentence, which is to be followed by three years of supervised release, also included two counts of aggravated identity theft. According to testimony, Daiga and another mortgage broker, Laurel resident Olu Campbell, also known as Oluseun Oshosanya, 30, recruited "straw" purchasers and used names of four others, without their knowledge, to apply for mortgages on six properties.
BUSINESS
By Kenneth R. Harney | August 27, 1995
Washington -- They're called niche products in the home mortgage trade. They're often not advertised to the public, even by the firms that fund them.But they're big business, and they could be precisely what you need to solve a particular problem -- if you simply knew they existed and where to search for them.Welcome to the burgeoning world of home mortgage exotica, where the rules for borrowers that you thought were immutably cast in concrete can be very flexible indeed.For example, say you need substantial cash quickly to invest in a promising business venture with friends.
BUSINESS
By Steve Kilar, The Baltimore Sun | December 4, 2012
Con artist Rodney Getlan did not just take people's money - his actions caused them to lose their homes. That he stole the sanctuary of a roof and four walls may have led to Getlan's getting a much longer prison term. Baltimore County Circuit Judge Vicki Ballou-Watts sentenced Getlan to 35 years in prison this week, a sentence on par with punishment for some violent crimes. "Rodney got what he deserved," said Lauri Hartz, who attended the court proceeding as one of nearly 50 known victims of Getlan's scheme to divert mortgage payments to his own accounts.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | May 11, 2012
A 78-year-old Annapolis man who said he was duped into getting unsuitable mortgages — sending the home he had owned for decades into foreclosure — was awarded $342,000 by an Anne Arundel County jury this week. The jury found that Dennis Hollidayoke's mortgage broker violated state and federal law when arranging a "payment option" adjustable-rate mortgage for him in 2006 and then refinancing it into another payment option loan seven months later. The mortgages are also known as negative amortization loans because the lowest payment option adds to what's owed on the mortgage rather than subtracting from it. Hollidayoke said no one mentioned this aspect of the loan to him upfront, and his attorney said it never was made clear in the paperwork.
NEWS
By Steve Kilar, The Baltimore Sun | March 23, 2012
An Owings Mills man has been arrested on charges of forging loan modification documents that led five homes into foreclosure proceedings, state licensing officials said. Rodney Getlan, 45, has been charged by the Baltimore County State's Attorney with felony theft, operating without a license, mortgage fraud and other counts, according to a statement Friday from the Maryland Department of Labor, Licensing and Regulation. For three years, from Jan. 2009 through Jan. 2012, Getlan forged documents that showed his victims had been approved for loan modifications by their mortgage lenders, according to the licensing department.
NEWS
The Baltimore Sun | January 12, 2012
A Bethesda man was sentenced Thursday to 33 months in prison followed by three years of supervised release for two counts of mail fraud connected to a mortgage scheme that defrauded lenders, family members and others, the Maryland U.S. Attorney's Office reported. Douglas Skibicki, 42, was also ordered to forfeit $1.4 million and to pay restitution to the victims; the exact amount will be determined at a later date, the U.S. Attorney's Office said. Skibicki, a mortgage originator for a firm based in Laurel, admitted that from April 2006 to August 2009 he defrauded people through a series of real estate transactions, according to his plea agreement.
NEWS
By Jamie Smith Hopkins, The Baltimore Sun | November 9, 2011
State regulators said Wednesday that they have ordered a large mortgage broker to stop making loans to Marylanders after federal investigators alleged the company had violated lending rules. The U.S. Department of Housing and Urban Development announced last week that it was no longer allowing Allied Home Mortgage Corp. to originate loans insured by the Federal Housing Administration because it said the company had played "fast and loose with FHA's standards. " The Justice Department is alleging mortgage fraud in a lawsuit against Allied.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | October 7, 2011
A Severna Park mortgage broker pleaded guilty Friday in a mortgage fraud case that left lenders with more than $940,000 in losses, robbed homeowners of at least $1.2 million in home equity and pushed 16 homes into foreclosure, the Maryland U.S. attorney's office said. Mary Anne Dean, 60, pleaded guilty to conspiracy to commit wire fraud. Charles Donaldson, a loan officer described as her co-conspirator, pleaded guilty last week. The Maryland U.S. attorney's office said Donaldson, 57, recruited homeowners struggling with their mortgages for what he said would be a foreclosure rescue plan: They would sell their homes to investors, remain there as renters for a year or so and then buy the properties back after repairing their finances.
BUSINESS
By MICHAEL GISRIEL | December 1, 1996
Dear Mr. Gisriel:My husband and I jointly own a house and have discussed divorce. What are our options in dealing with the house if we decide to split?Name withheld by requestTowsonAnswer:Divorce is rarely easy and often means lots of difficult decisions. One of the most important is what to do about your house.Most divorcing homeowners face three basic housing options: 1. Sell the house and split the proceeds. Ask a real estate agent or mortgage broker to analyze your home's market value, then estimate -- after selling expenses -- how much the sale will net.Be careful not to assume there will be a 50-50 split of the sale proceeds.
BUSINESS
By Dian Hymer | December 19, 1993
How do I shop for a loan?In order to meet the customary 30-day financing contingency deadline, a lender must be selected and a loan application completed within several days after the purchase contract is accepted.First you need to know where to look for a loan. Most buyers get home loans from savings and loans, mortgage banks or commercial banks. These are referred to as lenders. Many buyers use the services of a mortgage broker who acts as an intermediary between the borrower and the lender.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | April 12, 2011
A 29-year-old College Park man was sentenced Monday in federal court to more than five years in prison for defrauding a mortgage company that made loans on six Baltimore properties. Dema Daiga was sentenced by U.S. District Judge Marvin C. Garbis, who ordered Daiga to pay restitution of $664,493 and a special assessment of $1,200. The sentence, which is to be followed by three years of supervised release, also included two counts of aggravated identity theft. According to testimony, Daiga and another mortgage broker, Laurel resident Olu Campbell, also known as Oluseun Oshosanya, 30, recruited "straw" purchasers and used names of four others, without their knowledge, to apply for mortgages on six properties.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | March 21, 2011
During the heady days of the housing boom, unscrupulous mortgage brokers steered trusting borrowers into overpriced loans to earn bigger commissions. It was one of the reasons the housing market tanked, taking the economy with it. Now, several years later, new Federal Reserve rules are set to kick in to eliminate this practice by restricting how loan originators are compensated. The industry is resisting. The National Association of Mortgage Brokers sued the Federal Reserve Board this month in an attempt to prevent the new rules from taking effect April 1. The trade group predicts the restrictions would cause "immediate, devastating, and irrevocable harm" and ultimately lead to the industry's extinction.
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