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Patty Amador at House Financial Services Field Hearing

Patty Amador, President, Ambeck Mortgage Associates of Modesto, CA speaks about downpayment assistance and HR 6694 at the House Financial Services ...

Three California Residents Sentenced in $20 Million Mortgage Fraud Scheme

Los Angeles, CA…Three owners and/or managers of Los Angeles, California-area foreclosure rescue companies, Dorothy Matsuba, Jamie Matsuba, and Thomas Matsuba, were sentenced to 240, 135, and 168 months in prison today for their roles in a foreclosure rescue scheme, respectively. Assistant Attorney General Brian A. Benczkowski of the Justice Department’s Criminal Division, U.S. Attorney Nicola T. Hanna for the Central District of California, Assistant Director in Charge Paul D. Delacourt of the FBI’s Los Angeles Division, Acting Deputy Inspector General for Investigations Paul Conlon of the Federal Housing Finance Agency-Office of Inspector General (FHFA-OIG), Special Agent in Charge R. Damon Rowe of Internal Revenue Service Criminal Investigation’s (IRS-CI) Los Angeles Field Office, and Sheriff Jim McDonnell of the Los Angeles County Sheriff’s Department made the announcement.

Source: http://thepinetree.net/new/?p=63736

How to lose big money in Toronto real estate

The house in Toronto was the type of property highly coveted by those in the city: fully detached on a sprawling lot, recently renovated and adorned with granite countertops, hardwood floors and a solarium. John, who asked that his name not be used for reasons that will become obvious, knew he had to make an offer. He figured he could rent it out, and if the payments didn’t cover the mortgage costs, no matter. Back in early 2017, home prices in Toronto were on an unstoppable tear, surging double-digits every month. The house would surely be worth more in no time. The home was on the market for only a few days when John’s offer was accepted. He bid nearly $1.9 million, about $360,000 more than the list price. Then everything fell apart.

John, a real estate agent, thought he had financing lined up. But the bank declined to lend him the money. John had recently formed his own brokerage, and the bank was treating self-employed individuals with far more caution in an overheated market. He consulted two lawyers, who told him that if he walked away from the deal, he could be sued. John decided he had no choice but to take a mortgage from a private lender that carried a hefty 12 per cent interest rate. He knew there was no way he could afford the payments and listed the property as soon as he took ownership.