Two Milpitas Mortgage Brokers Convicted in $10 Million Fraud Case

It never stops to amaze me how many of the alleged fraud cases here in the Bay Area seem to be connected in one way or another. You will see how at the end of this post.

On October 14 2008, the Santa Clara County District Attorney’s Office announced that a jury had convicted two mortgage loan brokers in a case that involves over $10 million in fraudulent sub-prime loans with 23 different borrowers and five lenders.

After a three-month trial, Esperanza Valverde (license record) and Herman Michael Covarrubias (license record) were convicted of multiple felony counts of grand theft and forgery in connection with their mortgage business, Summit Mortgage One (license record).

Valverde faces a maximum term of Read more

October 21st, 2008 · Filed Under Real Estate & Mortgage FRAUD

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US Financial Crisis: Whose Fault Is It Anyways?

Yesterday Henry Paulson, US Treasury Secretary, announced a plan to spend $250 billion to purchase stocks in at least nine major financial institutions. This money infusion would give taxpayers ownership stake on these banks and guarantee a 5% return. It would also help banks build more reserves and in turn ease lending to consumers and businesses alike, at least that is what we hope banks will do.

The Emergency Economic Stabilization Act of 2008 H.R. 1424 is known in Main Street as the “Wall Street bail out” plan. However, in Wall Street it is known as the “rescue” plan. Regardless of the name; many people Read more

October 15th, 2008 · Filed Under Foreclosure-Short Sale Information, Mortgage - Loan Information, Real Estate Information

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I Am Urging Everyone NOT to Vote This Year….…

This is a very important message!

Believe me, I can’t stress enough how important it is that you DO NOT VOTE in the Presidential election this year. This is why……. Read more

October 4th, 2008 · Filed Under UnReal Estate posts

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