Mortgage Company and Executives Settle Fraud Charges

The Securities and Exchange Commission today announced that a California-based mortgage company and six senior executives agreed to pay $12.7 million to settle charges that they orchestrated a scheme to defraud investors in the sale of residential mortgage-backed securities guaranteed by the Government National Mortgage Association (Ginnie Mae).    First Mortgage Corporation (FMC) is a mortgage lender that issued Ginnie Mae RMBS backed by loans it originated.  The SEC alleges that from March 2011 to March 2015, FMC and its senior-most executives pulled current, performing loans out of Ginnie......(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

from Around The Web http://ift.tt/1TVgwNj
via IFTTT