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Four Pennsylvania Mortgage Officers Plead Guilty To Fraud

Four people pleaded guilty to mortgage-related fraud in a Downtown courtroom Thursday, but the apparent target of the investigation maintained his innocence, saying the banks should be blamed for the foreclosures that rocked the global economy. Federal prosecutors three weeks ago leveled charges against former officers of Great American Equity Mortgage, accusing them of falsifying […]

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US Supreme Court Rules on Mortgage Fraud Restitution Calculations

WASHINGTON (AP) — The U.S. Supreme Court has clarified how restitution must be computed in mortgage fraud cases. The justices in a unanimous decision Monday said that restitution to a bank that has been defrauded must be calculated based on the value of property when it is actually sold, and not the earlier date on […]

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Pennsylvania Woman Ordered to Repay Government in Mortgage Fraud Scheme

An Allentown woman who admitted helping home buyers get loans they couldn’t afford will spend the rest of her life repaying the federal government for the money it lost, her attorney said. Princess Rosario, 37, pleaded guilty in January to a single charge of conspiracy. Prosecutors allege Rosario, who worked for Mortgage IT, a subsidiary […]

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Pennsylvania Man Sentenced for Role in Mortgage Scheme

A Delaware County man was sentenced Monday to 70 months in prison and restitution of $5,462,682 for a mortgage fraud scheme involving properties in North Wildwood, N.J., and Dorchester, Mass., and a bank fraud scheme involving fraudulently obtained lines of credit at Wachovia Bank, now Wells Fargo Bank, the U.S. Attorney’s office announced Monday. Simon […]

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8 Years for Pennsylvania Developer in Mortgage Fraud Case

Michael Pouls, a Main Line, Pa., developer whose name had for many become synonymous with the borrow-and-spend excesses of the early 2000s, saw his wave of prosperity come crashing down Friday as a federal judge sentenced him to eight years in prison for bank fraud. U.S. District Judge Paul S. Diamond cut down arguments that […]

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Pennsylvania Lawyer Sentenced for Role in Foreclosure Rescue Scheme

Stephen G. Doherty, Doylestown, Pennsylvania, has been sentenced for his role in a $14.6 million mortgage fraud scheme that resulted in at least 35 fraudulent mortgage loans. Doherty was sentenced to one year in prison according to media reports. Codefendants also charged in the scheme were Edward G. McCusker and John Alford Bariana, owners of […]

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