Banker Sentenced to 30 Years in Federal Prison

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. Farkas, 58, the former chairman of Taylor, Bean & Whitaker was convicted for being the master-mind in a criminal conspiracy … [Read more...]

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 old, 3,900 square foot, six bedroom listed for sale just two blocks from their home. The home features a hot tub … [Read more...]

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 her part in the scheme. Raymond Bowman, the mortgage company’s ex-president was sentenced to 30 months behind … [Read more...]

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 taxes in the U.S. at just $1,960 a year. The property features mature flowers, a boxwood garden and many trees, including oaks … [Read more...]

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 one of the longest and largest single bank frauds in U.S. history. After a 10-day trial, a federal jury in the Eastern District of … [Read more...]

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 in Arlington home prices were climbing as the supply of homes for sale tightened, but that trend may be only … [Read more...]

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 afford to pay the rent due to job losses with unemployment rates reaching 30% in the worst hit areas of the … [Read more...]

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 the remainder of the year. Government implemented programs on more than a dozen fronts … [Read more...]