MFI-Miami Blog

NYCHA Supervisors In Throggs Neck Busted Having Sex Orgies With Subordinates  The  NYCHA  has reassigned several NYCHA Supervisors for allegedly having drunken orgies while on the job. The shocking allegations surfaced on Monday. Sources claim NYCHA supervisors and subordinates would engage in wild sex parties inside city-owned properties. This included offices, the groundskeepers’ shop and empty apartments of the Throggs Neck Houses according to the  New York Post .  Monique Johnson alleges employees sometimes got paid overtime while having sex. Johnson is the president of the tenants association. Johnson also said supervisors had sex with subordinates: There was drinking and sexual acts going on…More playing, and less working. Staff members would find up to a dozen people taking part in the orgies. Read more at MFI-Miami

Soccer Legend Diego Maradona Claims Ex-Wife Bought Miami Condos With Money She Stole From Him  Diego Maradona Argentinian soccer legend Diego Maradona is suing his ex-wife claiming she stole money from him. The suit claims Villafañe began siphoning off the star’s money in 1999. However, Maradona didn’t learn about it until 2014 when he had his finances audited. Diego Maradona claims his ex-wife created a network of at least five different shell companies in Florida that she used to buy real estate. The soccer legend says Villafañe flipped a few of the properties for cash. The shell companies appear to be named after Maradona and Villafañe’s daughters, Giannina and Dalma. Diego Maradonna’s suit also claims that Villafañe listed the pair’s 12-year-old and 10-year-old daughters as vice presidents of the various LLCs. Another LLC allegedly listed Maradona as an agent without his consent. Diego Maradona says his ex-wife used those firms to buy millions of dollars of Miami real

Joseph Stroup AKA America’s Most Wanted Deadbeat Dad Busted Living In Canada Under An Assumed Name America’s most wanted deadbeat dad has been found living in Canada. He is now heading to federal prison.  Joseph Stroup ran from a  hefty child support bill  for decades and became known as a “Most Wanted Deadbeat Dad.” A federal judge ordered Joseph Stroup to two years in prison and one year of supervised release. He was also ordered to pay  $534,000 in restitution . America’s most wanted deadbeat dad pleaded guilty in May to an indictment alleging failure to pay child support from 1998. Stroup had amassed $559,000 in arrears. He was living outside Calgary under an assumed name, Joop Cousteau. Stroup and his wife divorced in 1989. The court ordered Stroup to pay child support of $100 per month to his ex-wife for their four children. Stroup told the court he was disabled and unemployed. As a result, the Michigan judge lowered the child support payments from $100 per month to

Senator Bernie Sanders And His Wife Hire High Profile Lawyers In FBI Bank Fraud Investigation  Bernie Sanders loses it when a reporter asks him about his wife’s mismanagement of Burlington College Senator Bernie Sanders and his wife have hired prominent defense attorneys amid an FBI investigation into a loan Jane Sanders obtained to expand Burlington College while she was its president.   MFI-Miami first wrote about Jane Sanders’ mismanagement of Burlington College in 2016 . Politico Magazine reported   the Sanders have hired lawyers to defend them in the probe. Sanders’ top adviser Jeff Weaver  told CBS News  the couple has sought legal protection over federal agents’ allegations. Jane Sanders is accused of  distorting donor levels  on a 2010 loan application on behalf of the college. The FBI is also looking into allegations that Senator Sanders used his office to inappropriately urged the bank to approve the loan. Senator Bernie Sanders has hired Burlington attorney Rich C

Princess Madeleine of Sweden And Her Family Are Moving To Florida. Is It To Flee Oppressive Swedish Taxes?  Princess Madeleine of Sweden recently announced that she and her family are moving to Florida. She is the third and youngest daughter of Carl XVI Gustaf. The current king of Sweden. Princess Madeleine is married to American-British financier Christopher O’Neill. The couple married in 2013 and now have three children, Princess Leonore, 4, Prince Nicolas, 3, and Princess Adrienne who was born last March. Speculation is the royal family may be moving to Palm Beach to be near O’Neill’s mother. O’Neill’s mother lives in Palm Beach according to  The Hollywood Reporter. The couple has been based in London and keeps a residence in Stockholm. Read more at MFI-Miami

Purchase Money Mortgages Benefit From Higher Interest Rates As Origination Of Mortgage Refinance Dry Up The half-point increase in   mortgage interest rates since January   has all but killed mortgage refinance. Purchase Money Mortgages now outnumber mortgage refinance loans by a 3:1 margin. It also appears mortgage refinance sector will be dead for a while.   Ellie Mae just published it’s Origination Insight Report and it doesn’t look good for originators specializing in refinance mortgages. The report shows that the 71% of all loans closed in July were purchase loans. Only 29% of closed loans were mortgage refinance loans This the second month in a row that mortgage refinances made up under 30% of the loans originated. Those figures also represent the lowest percentage of refinance mortgages since Ellie Mae began tracking this data in 2011. This is also the highest number of origination of purchase money mortgages since 2011. Read more at MFI-Miami

Large Wholesale Mortgage Brokers Like C2 Financial Begin Saying, “Hasta La Vista, Baby” To Quicken Loans Large wholesale mortgage brokers like C2 Financial are cutting ties with Quicken Loans by the end of the week. C2 Financial General Manager Brian Kent released the company memo to the public: As the leaders of C2 and the broker industry, we feel it is wrong for us to continue to partner with Quicken. Therefore, effective 8/15/18, C2 will no longer be working with Quicken. Quicken Loans CEO Jay Farner told Housingwire that he was shocked by the alleged memo: We are surprised and disappointed. That is the best way to put it. Brian Kent essentially accused Quicken Loans of stealing clients from C2 Financial.  Countrywide Financial used to do something similar during the housing boom. Back then, a wholesale broker would order a payoff from Countrywide. Instead of getting a payoff amount, the broker would get a call from the client claiming the Countrywide solicited them w

A New Wells Fargo Investigation Focuses On The Bank Committing Low-Income Housing Tax Credit Fraud A new Wells Fargo investigation is underway by the USDOJ in Miami. The DOJ has convened a grand jury. The DOJ is accusing Wells Fargo of colluding with affordable housing developers nationwide. The scheme involved driving down the prices of low-income tax credits. Wells Fargo potentially defrauding hundreds of millions of dollars from the federal program. Assistant U.S. Attorney Michael Sherwin declined to comment on Wells Fargo specifically. However, he did say that his investigation was continuing and that it was looking at the entire industry. Wells Fargo is the largest buyer of the tax credits under the program. The bank  said that it had invested $9 billion  into the program over the previous five years. Banks benefit by buying the tax credits through tax write-offs and credit under the  Community Reinvestment Act . Read more at MFI-Miami

JPMorgan Chase Private Banker Sentenced to Four Years in Prison for Selling Customer Account Information JPMorgan Chase private banker  Peter Persaud  to 48 months in federal prison for aggravated identity theft. Persaud pleaded guilty on March 7, 2017. For nearly four years, Persaud obtained and sold for profit the personal banking information of his clients. Persaud  pilfered  social security numbers and bank account numbers. He also stole card details (expiration date, PIN, CVV) and physical addresses. Additionally, he sold the birth dates of clients. Persaud did not access the information without authorization. Persaud collected it when meeting with the bank’s clients. Thus, having a reason for accessing the accounts. It seems the person Persaud originally approached to sell the data informed the FBI. He also wore a wire in later dealings with Persaud wore a wire and recorded phone calls to gather evidence. Read more at MFI-Miami

Fannie Mae CEO Timothy Mayopoulos Busted Having Tawdry Affair With TransUnion Chief Legal Officer Heather Russell Fannie Mae CEO Timothy Mayopoulos is once again in trouble for skirt chasing the beautiful women of the Washington D.C. He has received another rebuke from a government watchdog. Mayopoulos did not disclose his romantic relationship with current TransUnion Chief Legal Officer Heather Russell. Mayopoulos and Russell have been unable to quell their red-hot passion. Read more at MFI-Miami

Citigroup Fined $8.6 Million By Federal Reserve For Robo-Signing Related Issues The Federal Reserve leveled an $8.6 million fine against CitiGroup on Friday. The Federal Reserve stated the fine was due to the “deficient execution and notarization of certain mortgage affidavits. The issue stems from Citigroup’s exit from the mortgage servicing business  back in 2017 . The Fed alleges Citigroup mishandled mortgage and notarization documents  from January 2015 through August 2015 This type of activity led to the “ robo-signing ” issue that plagued the foreclosure crisis. The consent order notes that CitiFinancial states that Lost Note Affidavits affected by  the order were replaced with properly executed and notarized affidavits   prior to making assertions regarding the ownership of lost mortgage notes. The bank also states that it has taken steps to address the deficiencies that were the cause of the fine. Citigroup was under a 2011 consent order from the Federal Reserv

Trump Commerce Secretary Wilbur Ross Accused Of Siphoning $120 Million From His Partners And Stealing Packets Of Sweet ‘N Low President Trump’s “billionaire” Commerce Secretary Wilbur Ross is accused of siphoning off $120 million from business partners. Wilbur Ross is also accused of being a pathological liar. A  Forbes magazine  article outlined the allegations that led to lawsuits and an SEC fine. Forbes Magazine also states Ross could rank among the biggest grifters in American history if even half the allegations are true. The Department of Commerce slammed the story: The anonymously sourced Forbes story is based on false rumors, innuendo, and unverifiable claims.   This rehash of old stories is clearly the result of a personal vendetta. Wilbur Ross told Forbes in a statement: The SEC has never initiated any enforcement action against me. Forbes notes Wilbur Ross failed to mention the $2.3 million fine the SEC levied against his firm in 2016. One of Ross’ forme

Homeowners With Wells Fargo Mortgages Can Sue Wells Fargo If They Were Denied Permanent Loan Modifications Wells Fargo must face lawsuits by homeowners with Wells Fargo mortgages who claim the largest Wells Fargo refused to offer them permanent mortgage modifications for which they had qualified. The 9th U.S. Circuit Court of Appeals said  Wells Fargo  was required under the federal Home Affordable Modification Program to offer homeowners with Wells Fargo mortgages loan modifications who demonstrated their eligibility during a trial period. As a result, the Appellate Court reversed the dismissals by a San Francisco federal judge of two lawsuits seeking class-action status.  A federal appeals court in Chicago also reached a similar conclusion last year.  Wells Fargo  said it had $352 million of loans under HAMP in a trial modification period as of June 30. Read more at MFI-Miami