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Mortgage Fraud Settlement Reached in Civil Case

ginvestor.biz | December 30, 2015

Cambridge Home Capital, LLC (“Cambridge”), Seth Kramer and Craig Hyman, two principals of the lender; Seth Lapidus and Jacqueline Derrell, two former managers at the company; and Cambridge Funding Group, LTD., an affiliated business, have settled a civil lawsuit concerning claims of mortgage fraud.

In December 2010, the Government filed a civil fraud lawsuit alleging that these six defendants (“the Cambridge defendants”), and others, participated in a mortgage fraud conspiracy involving 17 properties whose buyers obtained HUD-backed loans upon which they subsequently defaulted. As part of the settlement, the Cambridge defendants agreed to pay $1.2 million in damages and civil penalties, which is three times the profit the Government alleges the Cambridge defendants earned from the bad loans.

In addition, the Cambridge defendants admitted that, for certain of the bad loans, they (i) submitted records to the U.S. Department of Housing and Urban Development (“HUD”) that overstated the borrowers’ incomes and/or understated their liabilities; (ii) submitted certifications to HUD stating that Cambridge had satisfied its duties as a direct endorsement lender, when in fact it had not; and (iii) made payments to creditors of borrowers to pay off their personal debts. In addition, Kramer and Hyman agreed to be barred permanently from all HUD programs.

The settlement was approved in Manhattan federal court by U.S. District Judge P. Kevin Castel.

Preet Bharara, the United States Attorney for the Southern District of New York, announced the settlement.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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