Mortgage company president charged with stealing $3 million from Ginnie Mae

The Securities and Exchange Commission is offering a reward to the whistleblower that revealed a scheme at First Mortgage Corporation that involved several of the company’s senior executives lying about the performance of the mortgages the company originated, re-securitizing them, and defrauding investors out of $7.5 million – if in fact there is one.

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The financial service company has relaxed its lending standards on mortgages. to Reuters. Wells Fargo (WFC) lowered the minimum credit score required for high-priced, fixed-rate home loans to 700. Bank jumbo mortgage underwriting standards weakened in the third quarter by the most in three years and as profitability remains under pressure.

Mortgage Company President Charged with Stealing $3 Million from Ginnie Mae. HousingWire, Aug. 18, 2016–Lane, Ben. Mortgage Security Inc. founder Robert Pena accused of diverting Ginnie Mae funds for personal use.

The president of a Falmouth, Massachusetts-based mortgage servicing company was arrested on Thursday for allegedly embezzling $3 million in payments on home loans that were sold as securities.

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Mortgage Company President Charged with Defrauding Ginnie Mae BOSTON – The president and founder of a Falmouth mortgage company was charged in U.S.. Jump to. Sections of this page.. See more of Falmouth Police Department on Facebook. Log In. Forgot account? or. Create New Account.

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Mortgage company president charged with stealing $3 million from Ginnie Mae The founder and president of a now-defunct mortgage company could spend 20 years or more in prison. He allegedly diverted nearly $3 million away from Ginnie Mae and into secret bank accounts for his own personal use.

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 · BOSTON – The president and founder of a Falmouth mortgage company pleaded guilty yesterday in federal court in Boston in connection with defrauding the Government National Mortgage Association (Ginnie Mae) out of approximately .5 million. robert Pena, 68, of Falmouth, pleaded guilty to one count of conspiracy and six counts of wire fraud.

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