Items Tagged with 'Warehouse'

ARTICLES

  • Senior execs at Vanguard Funding sent to jail for embezzling $8.9 million

    CFO and COO previously admitted to using warehouse loans for personal expenses
    The former chief operating officer and chief financial officer of New York-based lender Vanguard Funding will spend between 18 and 24 months in prison after admitting to embezzling more than $8.9 million from warehouse lines of credit that were meant to fund mortgages.
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  • Wells Fargo Securities promotes Ari Kavour, Mike Llodra to lead mortgage finance group

    Will head up warehouse and term financing efforts
    Wells Fargo Securities, the investment banking and capital markets business of Wells Fargo, announced Thursday that it promoted Ari Kavour and Mike Llodra to co-heads of the mortgage finance group. Wells Fargo Securities’ mortgage finance group provides warehouse and term financing to companies and investors that own, originate or invest in residential real estate mortgages or securities.
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  • Senior execs at Vanguard Funding admit to embezzling $8.9 million

    CFO and COO plead guilty to using warehouse loans for personal expenses
    The former chief operating officer and chief financial officer of a New York mortgage lender admitted in court this week that they conspired to misappropriate more than $8.9 million from warehouse lines of credit that were meant to fund mortgages. Each now faces up to 20 years in prison.
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  • Senior execs at Vanguard Funding accused of embezzling $8.9 million

    Three execs charged with using warehouse loans for personal expenses
    Three senior executives at a New York mortgage lender were arrested Tuesday morning and charged with misappropriating $9 million from warehouse lines of credit meant to be used to fund mortgages. The three men, who are senior executives at Vanguard Funding, stand charged with conspiracy to commit wire and bank fraud for allegedly misusing the warehouse funds to pay for personal expenses and compensation.
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  • Chase Keeps Selective Warehouse Presence

    JP Morgan Chase [stock JPM][/stock] recently reversed a decision to shutter its warehouse lending division entirely. The bank said months ago it would close the warehouse unit purchased from Washington Mutual. “Chase bought WaMu’s warehouse lending business last spring,” a company spokesperson told HousingWire in February '08. “We decided it didn’t fit our long-term strategy."
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