poindexter
Well-Known Member
- Joined
- Nov 14, 2002
- Messages
- 29,142
are now in the loan mod biz... after a gentle slap on the wrist from the government.
http://mortgage.freedomblogging.com/2009/05/05/mortgage-exec-settles-with-sec-runs-loan-mod-shop/9877/
Michael Strauss, founder and former CEO of American Home Mortgage Investment Corp., has agreed to pay nearly $2.5 million to settle federal civil charges of accounting fraud and concealing the company's deteriorating finances as the subprime mortgage crisis hit in 2007, the Associated Press reported last week.
The Securities and Exchange Commission alleges Strauss and two other executives misled American Home's auditor about the adequacy of the company's reserves against losses on mortgages.
Peter Bresnan, a lawyer for Strauss, didn't return AP calls seeking comment.
National Mortgage News reported this week that Strauss now has a loan modification company called InstaModify. Its Web site lists offices in Irvine, on Von Karman, and in East Meadow, N.Y. Seems like everyone has a loan mod operation these days.
Run a scam, make truckloads of money, give the government a cut, then start up on the next scam. You gotta love our country.
http://mortgage.freedomblogging.com/2009/05/05/mortgage-exec-settles-with-sec-runs-loan-mod-shop/9877/
Michael Strauss, founder and former CEO of American Home Mortgage Investment Corp., has agreed to pay nearly $2.5 million to settle federal civil charges of accounting fraud and concealing the company's deteriorating finances as the subprime mortgage crisis hit in 2007, the Associated Press reported last week.
The Securities and Exchange Commission alleges Strauss and two other executives misled American Home's auditor about the adequacy of the company's reserves against losses on mortgages.
Peter Bresnan, a lawyer for Strauss, didn't return AP calls seeking comment.
National Mortgage News reported this week that Strauss now has a loan modification company called InstaModify. Its Web site lists offices in Irvine, on Von Karman, and in East Meadow, N.Y. Seems like everyone has a loan mod operation these days.
Run a scam, make truckloads of money, give the government a cut, then start up on the next scam. You gotta love our country.
