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Ex-Mayoral Candidate, Woman Sentenced for Mortgage Fraud

Fraud

A onetime candidate for mayor of a city in Georgia and woman in New Jersey found themselves sentenced by separate courts to several years in prison. MReport sourced the stories Monday from several news outlets. According to one, ex-mayoral candidate Gregory Cordell, a real estate agent and developer, received his sentence for $1.25 million in mortgage fraud for a property in Cartersville. The woman in New Jersey bilked CitiFinancial out of funds for a mortgage, according to another news source.

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Chase Partners With Nonprofit to House Veterans

As many as 100 wounded veterans and service members may receive homes free of charge, thanks to a new partnership between the mortgage lending unit for JPMorgan Chase and nonprofit Operation Homefront. The financial institution will pair homes it currently owns with qualifying families the nonprofit serves, including active-duty, Guard or Reserve, and honorably discharged service members. Any veteran from any era is eligible to apply, as are surviving single spouses of service members killed-in-action and post-9/11 disabled veterans.

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CFPB Proposes Draft Mortgage Statement for Borrowers

The Consumer Financial Protection Bureau called for public comment on a draft it recently proposed for a mortgage statement required for borrowers under the Dodd-Frank Act. If approved, mortgage servicers and assignees of the loan would need to distribute the statement to borrowers with information that includes the principal loan amount, current interest rate, any late payments and penalties, and contact information for both the servicer and a housing counselor. A draft version of the statement shows that servicers would also need to break down past payments.

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Big Three Banks See Shares, Stock Rise With Dow Jones

The Dow Jones Industrial Average finished by end of day Friday at a clip just below 13,000 points, lifting stocks and shares for all but one of the four major financial institutions. The jump reportedly marks the highest for the Dow Jones since 2008, just before the worst of the financial crisis, as investors got bullish on another round of bailout votes for debt-saddled Greece. The index closed on a .35-percent hike Friday, up 45.79 points, giving Wells Fargo a 2.37-percent boost to wrap up stocks at $31.09 per share.

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Payroll Tax Cut Extension Forgoes G-Fee Hike

After months of wrangling, the House and Senate passed a permanent payroll tax cut extension Friday without imposing controversial guarantee fees for lenders with government-backed mortgages. The House passed the bill, reportedly worth $100 billion, by a margin of 293 to 132 before the Senate cleared it by a vote of 60 to 36. Partisanship on Capitol Hill stalled the extension last fall, prompting both chambers of Congress to field a temporary two-month extension that hiked guarantee fees for lenders. The move netted criticism from various trade groups.

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Obama Budget Proposes ‘Responsibility Fee’ for Big Banks

The Obama administration unveiled a budget for the next fiscal year that proposes levying fees for the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós largest banks, selling off government-occupied real estate, and expanding services for the Federal Housing Administration. The $3.8-trillion budget calls for a Financial Crisis Responsibility Fee to offset costs to the Troubled Asset Relief Program and mass refinance program. If passed by Congress, the fee would raise $61 billion from financial institutions with $50 billion or more in assets over the next decade. The fee draws on recent themes from the president.

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Thompson & Knight Adds Two Partners in New York

Thompson & Knight LLP has gained two new partners for its Real Estate Capital Markets division, announcing the addition of attorneys William M. O'Connor and Evelyn H. Seeler to the company's New York office. In their new positions with the law firm, O'Connor and Seeler will be responsible for handling clients within the Real Estate and Capital Markets unit, as well as restructuring and bankruptcy matters.

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JKHY’s Symitar Division Boosts Credit Union Services

The technology division of Jack Henry & Associates, Inc. (JKHY), is experiencing an uptick in interest from credit unions, announcing that more than 16 existing credit union clients have recently opted to engage the company's outsourcing module through JKHY's Symitar unit. JKHY's Symitar division encompasses both in-house and outsourced platform options, and credit unions are increasingly migrating from the in-house offering, Episys, to the outsourced version, EASE.

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