twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

Mortgage Fraud News | Fraud Statistics | Fraud Index | Fraud Blog
Mortgage broker, originator and banker criminal cases. Real estate flipping and appraisal fraud. Mortgage fraud prevention, studies and analysis.

P R E S S   R E L E A S E


Oct. 28, 2011

Marblehead Real Estate Attorney Found Liable for Facilitating Illegal Foreclosure Rescue Scheme
Banned from Acting as Closing Attorney in Real Estate Transactions

BOSTON A Marblehead real estate attorney has been found liable for his involvement in a foreclosure rescue scheme that victimized distressed homeowners facing foreclosure and is now banned from acting as a closing attorney or title agent in any real estate transaction in Massachusetts, announced Attorney General Martha Coakley today.

"This judgment reflects the Commonwealth's ongoing commitment to holding attorneys who facilitate mortgage fraud accountable for their conduct," said Attorney General Coakley. "Closing attorneys should take note that if they put their personal financial interest ahead of their legal and ethical obligations, there will be consequences."

Following a September 2011 trial, Suffolk Superior Court Judge Janet L. Sanders ruled that James Alberino knowingly and willfully engaged in unfair and deceptive conduct as alleged by the Commonwealth. The court found Alberino's conduct "egregious" and particularly "reprehensible" given his status as a lawyer. The court ordered Alberino to pay the Commonwealth $70,000 in civil penalties and prohibited him from acting as a closing attorney or title agent in any real estate transaction in Massachusetts.

In March 2007, Attorney General Martha Coakley filed a complaint against 19 defendants, including mortgage broker Leo Desire, mortgage brokerage company Primary Mortgage Resources, Inc., and several closing attorneys, including Alberino, alleging they engaged in an unfair and deceptive foreclosure rescue scheme that caused distressed homeowners facing foreclosure to lose equity and titles to their homes. The complaint alleged Alberino facilitated the scheme in his capacity as a closing attorney by closing two mortgage loan transactions that he knew were sham transactions, willfully concealed the sham from his clients, the lenders, so that the transactions would proceed, and made false statements on federally-mandated HUD-1 Settlement Statements. The complaint further alleged that Alberino diverted sales proceeds from the distressed homeowners to his co-defendants and entities they controlled for services they performed fraudulently or not at all.

The September trial only concerned the AG's charges against Alberino. The Commonwealth previously announced that it obtained judgments of more than $500,000 against Desire and 10 other defendants. The Commonwealth will seek a final judgment against the remaining seven defendants who failed to appear in court and were defaulted.

The trial was conducted by Assistant Attorneys General Amber Anderson Villa and Gillian Feiner with assistance from Paralegal Yolanda Kruczkowski and Investigators Nancy Ward and Monique Cascarano of Attorney General Coakley's Investigations Division.

Source: Office of the Attorney General of Massachusetts

Local Mortgage Fraud news
News about local mortgage fraud.

Logout forgot

Mortgage Fraud Statistics
Government and private data on volume of mortgage fraud activity.

Mortgage Fraud Index
Dollar and index amount by quarter and state.

Mortgage Fraud Litigation
Lawsuits and settlements invoving mortgage fraud by a lender insider. From 2007 through first-quarter 2013

Mortgage Fraud News
News stories about fraud committed against home lenders.

Mortgage Fraud Blog
Actions in mortgage fraud criminal and civil cases.

local mortgage fraud

mortgage fraud links

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders