Big Picture: US housing trends & condo, HOA communities

Townhouses-urban-development-community-HOA

Multifamily apartment mortgage fraud investigation underway According to a report in Housing Wire, referencing the Wall Street Journal, the FBI, DOJ, and Inspector General of FHFA are investigating fraudulent activities of developers in New York and Pennsylvania. The federal agencies handed down indictments after gathering evidence that developers “Frank Giacobbe, Patrick Ogiony, Kevin Morgan, and Todd Morgan conspired to defraud Fannie Mae, Freddie Mac, Arbor Commercial Mortgage, and Berkadia Commercial Mortgage by faking much of Continue ReadingBig Picture: US housing trends & condo, HOA communities

HOA, condo, & co-op corruption, fraud, & theft roundup (June 2018)

Arrest handcuff fraud theft

By Deborah Goonan, Independent American Communities This month: several managers, former board members of association-governed communities either arrested or sentenced; mortgage fraud investigation continues in Florida; a developer and hotel owner is sued by owners of condo association for raising fees by 150%; environmental fraud in Massachusetts results in light sentence   Sentencing delayed for HOA embezzlers Daily Journal staff report Jun 23, 2018 Updated Jun 23, 2018 Though a man and woman accused of Continue ReadingHOA, condo, & co-op corruption, fraud, & theft roundup (June 2018)

HOA, condo, Co-op fraud, theft, & corruption roundup (May 2018)

By Deborah Goonan, Independent American Communities Real estate fraud schemes in the world of association-governed communities. Former HOA treasurer gets jail time in theft By Kim Smith ksmith@gvnews.com May 24, 2018 A former HOA treasurer was sentenced Thursday to seven years’ probation and six months in jail for stealing more than $203,000. Wendell Odean Byram, 81, pleaded guilty to one count of theft and faced up to 12½ years in prison for stealing from the Continue ReadingHOA, condo, Co-op fraud, theft, & corruption roundup (May 2018)