Existing home sales came in at a whopping 6,850,000, beating estimates with the highest print since 2006. Days on market fell from 36 days to 21 days on a year-over-year basis. Cash buyers remain at
Golden First Mortgage Corp Pays 36M For Mortgage Fraud Lawsuit
Dated: January 2 2015
Golden First Mortgage Corp. agreed to a $36 million judgment to resolve claims that it approved bad loans costing the government millions of dollars when they inevitably defaulted.
The company’s owner, operator and president from 1979 until 2010, David Movtady, also agreed to a $300,000 payment, accepting responsibility for conduct alleged in the complaint.
In addition, Movtady will be permanently barred from conducting any business with the federal government.
Preet Bharara, the United States attorney for the Southern District of New York, said the mortgage company violated the False Claims Act for years of misconduct in connection with the lender’s participation in the Federal Housing Administration’s Direct Endorsement Lender Program.
Specifically, they were charged with failing to maintain a compliant quality control program and therefore did not conform to all U.S. Department of Housing and Urban Development and FHA regulations applicable to the Direct Endorsement Lender Program.
“This settlement holds Golden First and its owner, David Movtady, accountable for lying to the government about compliance with HUD requirements and approving bad loans. This type of conduct costs the United States millions of dollars when the loans inevitably default, and this office is committed to snuffing it out,” Bharara said.
For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....
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