By Mike Colpitts The former owner of one of the largest privately held U.S. mortgage lending companies and Colonial Bank was sentenced to 30 years in federal prison and ordered to forfeit $38.5 million for his part in a massive $2.9 billion fraud scheme that drove his bank and mortgage company into failure. Lee B.… Continue reading Banker Sentenced to 30 Years in Federal Prison
Category: Virginia
Virginia housing market
Manic Positive Side of Housing Mess
By Kevin Chiu In what seems like the manic side of the housing mess, young couples are sometimes finding themselves as the lucky beneficiaries of the foreclosure crisis. Take Adam and Lindsey Blackmon of Newport News, Virginia for example. The couple wasn’t even shopping for a home when they couldn’t help but notice a two-year… Continue reading Manic Positive Side of Housing Mess
Mortgage Company Executives Sentenced to Prison
By Kevin Chiu Two former mortgage company executives have been sentenced to federal prison for their roles in a fraud scheme involving more than $2.9 billion that contributed to the failures of their company and Colonial Bank. Desiree Brown, the former treasurer of Taylor, Bean and Whitaker was sentenced to six years in prison for… Continue reading Mortgage Company Executives Sentenced to Prison
Victorian Will Sell Itself on Internet
A Victorian-era home built in 1886 may just sell itself marketed on the Internet, despite being located in a town of just 106 residents in Eastville, Virginia. The home was lived in by three families before being converted to a bed and breakfast. The residence boasts 3,500 square feet with some of the lowest property… Continue reading Victorian Will Sell Itself on Internet
Former Mortgage Head Guilty in $2.9 Billion Fraud
By Kevin Chiu The former chairman of a mortgage corporation, once one of the 25 largest in the U.S. has been convicted by a federal jury in a $2.9-billion fraud scheme that drove Colonial Bank and its lending empire, Taylor, Bean and Whitaker out of business and into bankruptcy. The scheme is believed to be… Continue reading Former Mortgage Head Guilty in $2.9 Billion Fraud
2011 Virginia Housing Market
High paying government jobs triggered a resurgence of the housing market in much of Virginia as commuters to Washington, D.C. bought up homes to take advantage of the federal tax credit, but sales plummeted after its expiration sending markets into the beginning of a second dip in the housing market. Outside of the nation’s capitol… Continue reading 2011 Virginia Housing Market
Corporate Rentals to the Rescue
The downturn in the housing market is making it hard for many homeowners to sell, and becoming a landlord isn’t for everyone. In the troubled economy a growing number of homeowners are looking for options to pay the monthly mortgage and corporate rentals could be the answer. Landlords report rising problems with tenants, who can’t… Continue reading Corporate Rentals to the Rescue
2010 Virginia Housing Market
In Virginia an escalating trend is developing as communities closer to Washington, D.C. show growing home sales accompanied by climbing prices, while much of the state still lingers in the housing downturn. But government efforts to keep mortgage interest rates low accompanied by lower home prices are projected to push Virginia’s housing markets higher over… Continue reading 2010 Virginia Housing Market