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Attorney General Martha Coakley Obtains Judgments Against Alec Sohmer and Other Defendants in Alleged...

BOSTON, MA - August 6, 2010 - (RealEstateRama) -- Attorney General Martha Coakley’s Office concluded its case against former Brockton attorney Alec G. Sohmer and five other defendants over their roles in a 2006 foreclosure rescue scheme.The judgments entered today by Judge Thomas Connolly against Sohmer in the amount of $620,000 and against the four remaining defendants collectively in the amount of $364,000, together with the judgment obtained last May in the amount of $41,204, resolve allegations that Sohmer, with the assistance of the other defendants, orchestrated an unlawful foreclosure rescue scheme against 26 homeowners

Attorney General Coakley Provides Testimony to Securities and Exchange Commission Regarding How to Protect...

BOSTON, MA - August 5, 2010 - (RealEstateRama) -- Attorney General Martha Coakley today announced that she has provided testimony to the U.S. Securities and Exchange Commission (“SEC”) regarding how to better protect investors relating to the subprime mortgage investment crisis.

Marshfield Woman Arraigned for Perjury in Connection with Lying on Court Affidavit and Lying...

BROCKTON, MA - July 13, 2010 - (RealEstateRama) -- A Marshfield woman has been arraigned in connection with allegedly trying to delay or avoid foreclosure of a home mortgage by falsely reporting the death of a child to her mortgage company, and thereafter knowingly falsifying information in an affidavit filed in Brockton Superior Court, Attorney General Martha Coakley announced.Donna Larson, age 52, was arraigned today in Brockton Superior Court on charges of Attempted Larceny and Perjury. Larson pled not guilty before Judge Joseph M. Walker III and was released on personal recognizance.

Marshfield Woman Indicted for Perjury in Connection with Lying on Court Affidavit and Lying...

BROCKTON, MA - July 1, 2010 - (RealEstateRama) -- A Marshfield woman has been indicted in connection with allegedly trying to delay or avoid foreclosure of a home mortgage by falsely reporting the death of a child to her mortgage company, and thereafter knowingly falsifying information in an affidavit filed in Brockton Superior Court, Attorney General Martha Coakley announced.A Plymouth County Grand Jury returned indictments against Donna Larson, age 52, on charges of Attempted Larceny and Perjury

Morgan Stanley to Pay $102 Million for Role in Massachusetts Subprime Mortgage Meltdown Under...

BOSTON, MA - June 25, 2010 - (RealEstateRama) -- Investment giant Morgan Stanley (Morgan) will pay $102 million to affected Massachusetts homeowners and the Commonwealth following an investigation by the Attorney General’s Office into Morgan’s role in the securitization and financing of Massachusetts subprime loans, Attorney General Martha Coakley announced today.

Lenders, Community Groups, Government Work toward Improvements in Mortgage Modification Process

June 18, 2010 - (RealEstateRama) -- A consortium of mortgage lenders, community group leaders, and state and federal government officials are moving forward on initiatives that would make the mortgage modification process easier for homeowners, and likely allow more families to stay in their homes as they solve their potential foreclosure problems.Since February, a group that includes community groups like the Brockton Interfaith Community (BIC), the Patrick-Murray Administration's Office of Consumer Affairs and Business Regulation, the Federal Reserve Bank of Boston, the U.S. Treasury, and 10 banks, has been regularly meeting - including summit meetings on Feb. 19 and April 12 - discussing ways to make the loan modification process work better for homeowners. The group is focusing on three areas

MassHousing Honors Cape Cod Five Cents Saving Bank for Being Top Lender in Barnstable...

BOSTON, MA - May 25, 2010 - (RealEstateRama) -- MassHousing recently honored Cape Cod Five Cents Savings Bank for being the Agency’s top-producing lender in Barnstable County in 2009.

MassHousing Honors 12 Top-Producing Lenders for Their Commitment to Affordable Housing

BOSTON, MA - May 19, 2010 - (RealEstateRama) -- MassHousing recently honored 12 of its 2009 top-producing lending partners at the Agency’s annual Homeownership Awards Ceremony. The annual event recognizes MassHousing’s lending partners for their excellence in promoting and originating MassHousing Mortgage products for Massachusetts residents.

Former Adams Man Ordered to Pay $185,657 in Connection with Western Massachusetts Mortgage Fraud

BOSTON, MA - May 11, 2010 - (RealEstateRama) -- A former Adams man has been ordered to pay $185,657 in damages and civil penalties for engaging in mortgage fraud that resulted in a string of foreclosures in Adams, Greenfield, North Adams, and Pittsfield, Attorney General Martha Coakley’s Office announced today.AG Coakley’s Office obtained a Final Judgment against Richard E. Doherty, 65, of Norwich, Connecticut, resolving claims of mortgage fraud that were outlined in a 2008 lawsuit. The final judgment, entered by Suffolk Superior Court Judge Elizabeth Fahey last week, determined Doherty violated the Consumer Protection Act when he obtained loan proceeds by fraudulently procuring mortgages on multi-family homes and commercial buildings in communities in Western Massachusetts.

Marblehead Attorney Indicted in Connection with Orchestrating Multi-Million Dollar Forged Mortgage Assignment Scheme

WOBURN, MA - May 6, 2010 - (RealEstateRama) -- A Marblehead attorney has been indicted by a statewide Grand Jury for allegedly attempting to retrieve over $1.3 million dollars in mortgage funds in connection with a sophisticated mortgage fraud scheme. Leon Gelfgatt, age 49, allegedly used false documents to create the appearance that mortgages on several Massachusetts properties which were scheduled for impending sale had been transferred to a fake company created by Gelfgatt. Gelfgatt allegedly did this in order to obtain the payoff funds sent by real estate closing attorneys when the properties were sold.

New Funds Now Available to First-Time Homebuyers Who Purchase and Rehabilitate Foreclosed Homes in...

Partnership between MassHousing, city of Haverhill and Haverhill Bank will help create opportunities for qualified buyers who purchase properties in need of repair. BOSTON, MA - April 15, 2010 - (RealEstateRama) -- MassHousing, Haverhill Mayor James J. Fiorentini and Haverhill Bank announced a new initiative today to make grant funds available to first-time homebuyers who purchase foreclosed homes in Haverhill. Qualified homebuyers who obtain a MassHousing Mortgage through Haverhill Bank will be eligible for a second loan to assist in rehabilitating the foreclosed property. The second loan will be funded through the Neighborhood Stabilization Program (NSP), which was created in federal economic recovery legislation.

Former Walpole Attorney Pleads Guilty, Sentenced in Connection with Role in Elaborate Mortgage Fraud...

BOSTON, MA - April 8, 2010 - (RealEstateRama) -- A former local attorney pled guilty in Suffolk Superior Court for his role in a complex scheme in which fraudulent documents were used to defraud homeowners and mortgage lenders in real estate transactions involving 26 distressed properties in the Greater Boston area. Bruce Namenson, age 47, of Walpole, pled guilty yesterday to charges of Larceny over $250 (18 Counts), Making or Publishing False or Exaggerated Statements (9 Counts), and False Written Reports by Public Officer or Employee (4 Counts). After the plea was entered, Superior Court Judge Carol Ball sentenced Namenson to serve 2 years in the House of Correction, one year to serve, with the balance suspended for 3 years.

AG Coakley Secures $3 Billion in Loan Modifications for Homeowners Nationwide in Agreement with...

$18 million in relief for Massachusetts homeowners; $4.1 million payment to Commonwealth. BOSTON, MA - March 24, 2010 - (RealEstateRama) -- As part of her office’s ongoing initiative to combat predatory lending practices that contributed to our nation’s economic crisis, Attorney General Martha Coakley today reached a significant settlement with Countrywide Financial Corporation (Countrywide) that will provide an estimated $18 million in loan modifications for Massachusetts homeowners, $3 billion in loan modifications for homeowners across the country, and a $4.1 million payment to the Commonwealth. Countrywide is now owned by Bank of America.The settlement, filed today in Suffolk Superior Court, expands an earlier agreement that Countrywide reached with 43 other state Attorneys General and the District of Columbia in 2008 for loan modification for certain delinquent borrowers and builds on standards set forth in the Home Affordable Modification Program (HAMP) administered by the United States Treasury

SEC Charges State Street for Misleading Investors About Subprime Mortgage Investments

Washington, D.C. - February 4, 2010 - (RealEstateRama) -- The Securities and Exchange Commission today charged Boston-based State Street Bank and Trust Company with misleading its investors about their exposure to subprime investments while selectively disclosing more complete information to specific investors.

Georgetown Savings Bank Now Offering MassHousing’s A Home for the Brave Mortgage Loan Program...

Georgetown-based lender will commit $1.5 million for loan program for veterans. BOSTON, MA - January 19, 2010 - (RealEstateRama) -- MassHousing announced today that Georgetown Savings Bank is now an approved lender of MassHousing’s A Home for the Brave loan program for Massachusetts veterans.

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Lynn CPA Pleads Guilty to Mortgage and Tax Charges

A Lynn accountant pleaded guilty today in federal court in Boston to assisting a multi-year mortgage fraud scheme by creating fraudulent tax returns and submitting fraudulent letters to lenders.