Man sentenced in ID theft fraud November 2014 was the start of Kesner Joaseus’s new business in which he quickly became an overnight success. Joaseus pulled in over $380,000 […]
HUD suspends it indefinitely The Federal Housing Administration-insured (FHA) two weeks ago stated that they were in the process of cutting mortgage insurance premiums on FHA loans. This insurance is […]
Man sentenced in ID theft fraud
November 2014 was the start of Kesner Joaseus’s new business in which he quickly became an overnight success. Joaseus pulled in over $380,000 leasing single-family houses all over Broward and Palm Beach counties. There was one small problem: The houses were not his to rent out according to the U.S. Department of Justice. It appears he had been renting out vacant homes without the owner’s permission.
The properties belonged to RHA 2 LLC, a Georgia-based firm. He created a company with a similar name and convinced unsuspecting renters that he was working for the real firm. Joaseus and two accomplices were involved. Wadno Dorneau and Miguel Tilus, were arrested for mail fraud and conspiracy to commit mail fraud.
Joaseus, who pleaded guilty in two fraud cases in July, had additional income streams according to federal prosecutors. He seemed to be scamming identifications to open fraudulent credit cards, buy two luxury cars and other items totaling over $260,000.
Joaseus, 47 was sentenced in U.S. District Court to 11 years in prison for the various scams he ran. This also included two 108 month sentences for the real estate fraud and additional years for the identity theft charges.
South Florida is a top ten area of the country in relations to fraud. Multiple millions of dollars each year are stolen from unsuspecting citizens and businesses. Various Federal agencies house large district investigation departments to monitor and shut down violators.
HUD suspends it indefinitely
The Federal Housing Administration-insured (FHA) two weeks ago stated that they were in the process of cutting mortgage insurance premiums on FHA loans. This insurance is added onto loans to help offset the cost of loan defaults.
The projected cut was scheduled to go into effect on April 27th but is has been put on hold for the foreseeable future. Not too long after President Trump’s inauguration, HUD distributed Mortgagee Letter 2017-1 suspending the new rule.
When FHA had first released the cut, many in the real estate business championed the sentiment. They felt that the cost measure would help more potential buyers meet the debt to income ratio needed to purchase a property.
An ATTOM Data Solutions analysis discovered that the average borrower would have saved around $446 every year if the rate cut would have gone through as planned.
There is, however, a chance that Trump’s administration will revisit this matter soon or they may just allow it to sunset. The head of the Department of Housing and Urban Development (HUD), Dr. Ben Carson, has agreed to put effort into reviewing the matter but has not come to any conclusions as of yet.
This is not the first time the FHA has raised or lowered costs. After the Great Recession, they increased the monthly premiums all the way up to 90 basis points. Then again in 2013 the FHA increased them again over credit risk concerns and to strengthen their Mutual Mortgage Insurance Fund (MMIF).
Real Estate Fraud Busted In South Florida
UncategorizedMan sentenced in ID theft fraud November 2014 was the start of Kesner Joaseus’s new business in which he quickly became an overnight success. Joaseus pulled in over $380,000 […]
FHA Mortgage Insurance Premium Reduction= Gone
UncategorizedHUD suspends it indefinitely The Federal Housing Administration-insured (FHA) two weeks ago stated that they were in the process of cutting mortgage insurance premiums on FHA loans. This insurance is […]