SAN JUAN, P.R – On March 29, 2017, a federal grand jury in the District of Puerto Rico returned a one count indictment charging Tommy Rudy Habibe-Arias with making false statements in an application for a Home Equity Conversion Mortgage loan (commonly known as a “Reverse Mortgage”), announced Read More

The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General (OIG), assisted the U.S. Department of Justice, Washington, DC, and the U.S. Attorney’s Office, Eastern District of Michigan, in the civil investigation of United Shore Financial Services, LLC.  United Read More

We audited Laurentian Hall Apartments (project) because of its failure to submit financial statements in a timely manner and because we had never audited the project before.  Our audit objective was to determine whether the project’s owner managed the project in accordance with its U.S. Read More

BOSTON – A Methuen attorney and a Methuen loan officer pleaded guilty yesterday in connection with a sweeping conspiracy to defraud banks and mortgage companies by engaging in sham “short” sales of residential properties in Merrimack Valley. Separately, a Methuen real estate broker was arrested on Read More

This briefing paper highlights challenges the Government National Mortgage Association (Ginnie Mae) faces in monitoring nonbanks and outlines our past, current, and future efforts to help it address those challenges. We are highlighting these challenges so HUD leadership is aware of and can be Read More

BROOKLYN, NY – Earlier today, David Gotterup was sentenced at the federal courthouse in Brooklyn, New York, to 15 years in prison for leading a loan modification scheme that defrauded distressed homeowners. Gotterup pleaded guilty on June 16, 2016, to conspiring to commit wire, mail and bank fraud Read More

The Digital Accountability and Transparency Act of 2014 (DATA Act) and implementation guidance provided in the Office of Management and Budget Memorandum M-15-12 mandates that Federal agencies must report their financial, budgetary and programmatic information to the USASpending.gov web site by Read More

We audited the U.S. Department of Housing and Urban Development’s (HUD) oversight of Federal Housing Administration (FHA)-insured loans originated with borrower-financed downpayment assistance.  The audit was initiated based on the results from three HUD, Office of Inspector General (OIG) Read More

The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General (OIG), assisted the U.S. Department of Justice, Washington, DC, and the U.S. Attorney’s Office for the District of New Jersey in a civil investigation of Security National Mortgage Company.  Security Read More

LOS ANGELES – Two defendants linked to a mortgage fraud scheme that cost at least $2.4 million when fraudulently purchased homes went into foreclosure have been sentenced to federal prison. The case involves a scheme to fraudulently obtain mortgages for residential properties through the use of “ Read More

Baltimore, Maryland – U.S. District Judge James K. Bredar sentenced Michael Gerard Camphor, age 60, of Baltimore, to 27 months in prison, followed by three years of supervised release on charges arising from the fraudulent purchase of four properties in Baltimore, using fraudulent loan Read More