Items Tagged with 'Massachusetts real estate'

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  • Massachusetts hits Nationstar (aka Mr. Cooper) with fine, sanctions over servicing abuses

    Accused of offering borrowers “unfair and deceptive” mortgage modifications
    Nationstar Mortgage, the nonbank now known as Mr. Cooper, allegedly put hundreds of borrowers in Massachusetts at a heightened risk of foreclosure by offering them “unfair and deceptive” mortgage modifications, the state’s attorney general said Tuesday. “Nationstar failed to stop foreclosures and this settlement gives homeowners in the hardest hit areas in Massachusetts a chance to stay in their homes,” Massachusetts AG Maura Healey said.
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  • Ireland extradites fugitive to U.S. to face raft of mortgage fraud charges

    Country’s first extradition to the U.S. since 2012
    On Friday, Patrick Lee, a 44-year-old man with dual U.S. and Irish citizenship was arraigned in federal court in Boston on more than 50 charges relating to a mortgage fraud scheme that he allegedly perpetrated in the run-up to the housing crisis. Lee was arraigned last week after being extradited from Ireland. It was Ireland’s first extradition to the United States since 2012.
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  • Mortgage company founder admits to defrauding Ginnie Mae out of $2.5 million

    Former president of Mortgage Security Inc. admits to diverting mortgage funds
    The founder and president of a defunct Massachusetts mortgage company pleaded guilty this week to defrauding Ginnie Mae out of approximately $2.5 million. Beginning in 2011, Robert Pena, the founder and president of Mortgage Security Inc., allegedly began diverting money that borrowers sent to MSI into private bank accounts, which he then used to pay for personal and business expenses.
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  • Massachusetts sues Ocwen for "abusive" mortgage servicing practices

    Massachusetts already acted to prevent nonbank from operating in state
    Massachusetts recently put Ocwen Financial out of business in the state as part of a wave of state regulators that placed various business restrictions on Ocwen for alleged rampant errors with homeowners’ escrow accounts and other issues at the nonbank, but it looks like the state isn’t done with Ocwen yet. Massachusetts Attorney General Maura Healey also announced that the state is suing Ocwen for widespread “abusive” mortgage servicing practices.
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  • Ditech Financial fined $1.4 million for "abusive debt collection practices" in Massachusetts

    Accused of making "excessive" debt collection phone calls
    Ditech Financial will pay $1.4 million to the state of Massachusetts to settle charges that the company engaged in “abusive debt collection practices” by excessively calling borrowers to collect payment as well as not property notifying some borrowers of their mortgage information, the state’s attorney general announced recently.
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  • HSBC to pay $4 million to settle force-placed insurance kickback charges

    Second settlement this month for HSBC
    HSBC will pay a fine of $4 million as part of a settlement with the state of Massachusetts over charges that the bank took commissions and kickbacks for force-placed insurance policies. According to the office of Massachusetts Attorney General Maura Healey, HSBC received "compensation" in connection to the force-placed insurance premiums charged to HSBC’s borrowers.
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  • Sage Bank fined $1.2 million by DOJ for discriminatory lending

    Massachusetts-based bank accused of charging higher fees to minority borrowers
    Massachusetts-based Sage Bank will pay nearly $1.2 million to settle charges brought against the bank by the Department of Justice, which accused the Sage Bank of "engaging in a pattern or practice of discrimination on the basis of race and national origin in the pricing of its residential mortgage loans."
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  • Massachusetts real estate attorney convicted for mortgage fraud conspiracy

    Involved numerous bogus short sales
    A Massachusetts real estate attorney pleaded guilty last week to charges stemming from a wide-ranging scheme to defraud banks and mortgage companies as part of a conspiracy involving numerous sham short sales. In some cases, the purported third-party buyers were actually the spouses, parents or children of the purported sellers.
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