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Tag Archives: mortgages

Two sentenced for role in mortgage fraud scheme

JACKSON — Former mortgage brokers Jason Ellis and Michael Persac will forfeit more than $3 million and pay more than $781,000 in restitution for their part in a mortgage fraud scheme. Ellis and Persac, out on bond since they were charged in 2005 in a mortgage fraud case, also are going to prison after their sentencings Wednesday in U.S. District ...

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Four sentenced for their role in mortgage scheme

JACKSON — Four people who pleaded guilty almost five years ago in a mortgage fraud schemes have been sentenced. Prosecutors said the scheme began in September 1999 and ended in 2005, when charges were filed. It involved two related cases totaling about $5.8 million in fraudulent mortgage loans. The Clarion-Ledger reports three people were sentenced yesterday, including former Greenville real ...

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Magnolia opens new office, acquires Advantage

FLOWOOD — Magnolia State Bank has opened its new location in Flowood, and has completed the acquisition of Advantage Mortgage Corp. The new mortgage division is set to open Nov. 1 as Advantage Mortgage, A Division of Magnolia State Bank. The office is located at 437 Katherine Drive and will house seven employees. The location will have a night deposit ...

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State's foreclosures up 27 percent over prior quarter

ACROSS MISSISSIPPI — Nearly 600 Mississippi homeowners reached the end of the line during the third quarter, losing their homes to foreclosure. That’s according to Irvine, Calif.-based RealtyTrac, which tracks foreclosure actions nationwide. RealtyTrac said 1,069 properties were targeted for some sort of foreclosure action from July through September. Of those, lending institutions took back 583 and the other 486 ...

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RealtyTrac: State's foreclosures 'dropped sharply'

ACROSS MISSISSIPPI — The number of Mississippi homes being sold in some stage of foreclosure has dropped sharply over the past year. Irvine, Calif.-based RealtyTrac said 99 foreclosed homes were sold in the state in the April-through-June period at an average price of $145,331. That represented a 20.7 percent discount from homes that were not in foreclosure and 9.5 percent ...

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Foreclosures up in metro Jackson, down on Coast

JACKSON and GULF COAST — The Jackson metropolitan area saw a higher year-over-year rate in the number of foreclosure actions taken against homeowners during the first six months of 2010. In the meantime, Gulfport-Biloxi recorded a sharp drop. Irvine, Calif.-based RealtyTrac said that Jackson had foreclosure-related filings against 608 properties from January through June. That hit one in every 370 ...

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State's foreclosures fell during second quarter

ACROSS MISSISSIPPI — The number of Mississippi residents threatened by the loss of their homes dropped during the second quarter. Irvine, Calif.-based RealtyTrac says that for the three months ending June 30, 840 properties were targeted by some foreclosure-related action. But for those it was largely the end of the line, as 514 were repossessed by lenders and the other ...

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Court upholds investor's bank fraud conviction

JACKSON — A federal appeals court has upheld the bank fraud conviction of former Madison County real estate investor Earline Y. Rawls. Rawls was convicted last year in federal court in Jackson of three counts of bank fraud and one count of conspiracy. She was sentenced to 35 months in federal prison, five years on supervised release and ordered pay ...

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FNC: U.S. home prices continue to improve

OXFORD — U.S. home prices continue to show notable improvement in April. This is according to a report from FNC Inc. Despite broad economic and job market weakness, home prices have increased for the first time since the withdrawal of the homebuyer tax credits a year ago. Based on the latest data on non-distressed home sales (existing and new homes), ...

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States reach $200M settlement with Morgan Keegan

Five states, including Mississippi, and federal regulators have reached a $200-million settlement with Morgan Keegan & Co. over allegations that its brokerage firm engaged in reckless business practices that led to an estimated $1.5 billion in losses to investors. William Hicks of the U.S. Securities and Exchange Commission announced the deal today. State regulators from Alabama, Kentucky, Mississippi, South Carolina ...

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