(Source: Freddie Mac) – MCLEAN, Va. – Freddie Mac (OTC: FMCC) today announced a new offering of Structured Pass-Through Certificates (“K Certificates“), multifamily mortgage-backed securities. The company expects to offer approximately $1 billion in K Certificates (“K-012 Certificates”), which are expected to price the week of April 4, 2011, and settle on or about April 27, 2011.
The K-012 Certificates will be offered to the market by a syndicate of dealers led by Wells Fargo Securities, LLC and Goldman, Sachs & Co. as Co-Lead Managers and Joint Bookrunners for the transaction. Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Jefferies & Company, Inc., and J.P. Morgan Securities have been named as Co-Managers for the transaction.
The K-012 Certificates are backed by 69 recently-originated multifamily mortgages and are guaranteed by Freddie Mac. This is the fourth K Certificate offering this year.
K Certificates provide Freddie Mac with an efficient vehicle to securitize multifamily loans. The certificates provide investors with stable cash flows, structured credit enhancement and the Freddie Mac guarantee.
The preliminary offering circular supplement relating to the K-012 Certificates can be found at http://www.FreddieMac.com/mbs/data/k012oc.pdf. This announcement is not an offer to sell any Freddie Mac securities. Offers for any given security are made only through applicable offering circulars and related supplements, which incorporate Freddie Mac’s Annual Report on Form 10-K for the year ended December 31, 2010, filed with the Securities and Exchange Commission (“SEC”) on February 24, 2011, and all documents that Freddie Mac files with the SEC pursuant to Sections 13(a), 13(c) or 14 of the Securities Exchange Act of 1934, excluding any information “furnished” to the SEC on Form 8-K.
Freddie Mac’s press releases sometimes contain forward-looking statements. A description of factors that could cause actual results to differ materially from the expectations expressed in these and other forward-looking statements can be found in the company’s Annual Report on Form 10-K for the year ended December 31, 2010 and its reports on Form 10-Q and Form 8-K, filed with the SEC and available on the Investor Relations page of the company’s Web site at www.FreddieMac.com/investors and the SEC’s Web site at www.sec.gov.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.
SOURCE Freddie Mac
(LoanSafe.org) - This foreclosure prevention workshop is held every second Thursday of the month for home owners who are already trapped in the foreclosure process. At this event, home owners can get educated by a seminar conducted by HUD-certified housing counselors. At the events home owners will learn about the possibilities that exist to help every home owner.
Date of Event: 4/14
Time of event: 6pm
Location of Event: Madison College-Truax Campus
3550 Anderson St. , Madison
Call: 261-5677
Web: www.daneforeclosurehelp.org
Email: info
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CMC Lenders To Receive Competitive Execution, Pricing, and Value-Added Services
MCLEAN, Va. (Source: Freddie Mac) — Freddie Mac (OTC Bulletin Board: FMCC) and Capital Markets Cooperative (CMC), a Florida-based provider of services and expertise that reduce risk and maximize profits for mortgage bankers, have announced the renewal of their two-year old strategic alliance.
News Facts:
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(LoanSafe.org) – Today, a few loan programs saw rates decrease at the majority of the top lenders we study daily, but over at US bank , a few had increased. Wells Fargo showed appeared to show no activity from last week.
This morning at Chase Mortgage, 30 and 15 -year fixed loans, in addition to their regular and FHA 5-year ARMs all decreased under both the their home purchase and refinance programs.
Bank of America Home Loans’ 30-year fixed loans decreased under their home purchase program. The rest of the lender’s rates stayed the same this morning.
30, 20 and 10 year fixed rates along with 5-year ARMs increased at US Bank. The lender also showed a decrease i their 3-year ARMs.
Wells Fargo Home Mortgage Purchase Rates:
30-year fixed: 5.000%
30-year fixed FHA: 4.875%
15-year fixed 4.250%
5-year ARM: 3.500%
5-year ARM FHA 3.750%
Wells Fargo Refinance Rates:
30-year fixed: 5.000%
30-year fixed FHA: 4.750%
15-year fixed 4.250%
5-year ARM: 3.625%
5-year ARM FHA 3.750%
Chase Home Mortgage Purchase Rates:
30-year fixed 4.875%
15-year fixed: 3.875%
7/1 ARM 3.625%
5/1 ARM 3.125%
Chase Refinance Rates:
30-year fixed 4.875%
15-year fixed: 4.000%
7/1 ARM 3.750%
5/1 ARM 3.250%
Bank of America Home Loans Purchase Rates:
30-year fixed 4.750%
5-year ARM 3.375%
30-year fixed rate, interest only 5.375%
5-year ARM, interest only 3.625%
Bank of America Refinance Rates
30-year fixed 4.875%
5-year ARM 3.500%
30-year fixed rate, interest only 5.375%
5-year ARM, interest only 3.750%
US Bank Fixed Rates
30-year fixed 4.750%-5.000%
20-year fixed 4.500%-4.750%
15-year fixed 3.875%-4.250%
10-year fixed 3.750%-3.875%
FHA 30-year fixed 4.750%
FHA 15-year fixed 4.250%
US Bank ARMS
3-year ARM 2.750% – 3.375%
5-year ARM 3.250% – 3.625%
DISCLAIMER: Maximum Original Principal Balance for Loans Closed in 2011
Places: Continental United States Alaska, Hawaii, Guam
Units General Higher Cost General Higher Cost
1 $417,000 $729,750 $625,500 $938,250
2 $533,850 $934,200 $800,775 $1,201,150
3 $645,300 $1,129,250 $967,950 $1,451,925
4 $801,950 $1,403,400 $1,202,925 $1,804,375
The limit may be lower for a specific high-cost area; use the Loan Limit Look-Up Table above to see limits by location. These limits are the same as the 2010 high-cost area loan limits and apply to all loans originated on or before September 30, 2011. Loans originated on or after October 1, 2011, will use the
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NEW YORK, (Source: Harris Interactive)– A new Harris Poll finds that fully 22% of people with mortgages are having difficulty meeting their mortgage payments, and this includes 7% who are having “a great deal of difficulty”. Furthermore, 21% of those with mortgages are “under water” in that they think their homes are worth less than the amounts that they owe.
However these numbers are somewhat lower than they were a year ago. Those having difficulty paying off their mortgages have declined from 29% to 22% (and those having a great deal of difficulty are down from 11% to 7%). At this time last year 24% of those with mortgages thought they were under water, three points higher than the number now.
These are some of the results of The Harris Poll of 3,171 adults surveyed online between March 7 and 14, 2011 by Harris Interactive.
Some of the main findings include:
– Two thirds (66%) of all adults have mortgages on their homes, slightly
lower than last year’s 69%.
– While most homeowners with mortgages (73%) are having little or no
difficulty making their mortgage payments, the 22% who are having
difficulty represent about 32 million people. And the 7% having a great
deal of difficulty represent more than 11 million people.
– Those who believe their homes are worth less than the money they owe on
their mortgages (21% of all those with mortgages) include 8% who say
their homes are worth “a lot less”. However theses numbers are somewhat
lower than they were a year ago (24% and 11%).
– Most adults (62%), whether or not they are homeowners with mortgages,
are at least somewhat concerned that their family’s income will not be
enough to cover all their costs and expenses this year. This number is
also very slightly lower than it was last year (65%). Unsurprisingly the
higher the family income the lower the level of concern. But among the
lowest income group, with household incomes of less than $35,000, fully
75% are concerned and 36% are very concerned.
So What?
These findings are consistent with other Harris Poll data on the economy that show a very modest, but, still painfully slow, recovery from the recession. Many millions of people are still hurting badly even if the numbers are slightly better than they were last year. It seems that we will continue to have a huge mortgage and foreclosure crisis until the economy is much stronger or house prices recover. It should be noted, however, that even the very modest improvements found in the poll may be deceptive. One reason why slightly less people are having difficulty paying their mortgages this year is that some people who were in difficulty last year have lost their homes and no longer have mortgages.
TABLE 1
HOW MANY HOME OWNERS HAVE A MORTGAGE?
“Do you have a mortgage on your home that you need to pay off?”
Base: Adults who own home (72% of all adults)
2010 2011
% %
Yes, paying off mortgage 69 66
Had mortgage but it is paid off 20 22
No, do not have nor have ever had
a mortgage 11 12
TABLE 2
HOUSE WORTH MORE OR LESS THAN AMOUNT OWED ON MORTGAGE
“Is your house currently worth more or less than the amount you owe
on your mortgage?”
Base: Adults who have a mortgage
2010 2011 Household Income
$34,999 $35,000 $50,000 $75,000 $100,000
or Less to to to or more
$49,999 $74,999 $99,999
% % % % % % %
MORE (NET) 55 57 46 52 57 66 64
A lot more 24 29 21 27 25 30 36
A little
more 31 28 24 25 32 36 28
About the
same 18 15 25 17 14 12 13
LESS (NET) 24 21 22 27 24 21 18
A little
less 12 13 14 16 15 11 10
A lot less 11 8 7 10 9 9 7
Decline to
answer 3 7 8 4 5 1 5
Note: Percentages may not add up exactly to 100% due to rounding.
Note: All of the numbers listed here refer to people, which is
greater than the number of homes involved.
TABLE 3
HAVING DIFFICULTY PAYING OFF MORTGAGE
“How much difficulty are you having paying off your mortgage?”
Base: Adults who have mortgage
2010 2011
% %
Difficulty (NET) 29 22
A great deal of difficult 11 7
Some difficulty 18 15
Not much/No difficulty (NET) 68 73
A little bit of difficult 23 24
No difficulty at all 45 49
Decline to answer 3 5
Note: Percentages may not add up exactly to 100% due to rounding.
TABLE 4
CONCERNED ABOUT NOT HAVING ENOUGH INCOME
“How concerned are you that your family’s income will not be enough
to cover all your costs and expenses this year?”
Base: All adults
2010 2011 Household Income
$34,999 $35,000 $50,000 $75,000 $100,000
or less to to to or more
$49,999 $74,999 $99,999
% % % % % % %
Concerned (NET) 65 62 75 71 62 52 42
Very concerned 26 25 36 28 24 17 12
Somewhat concerned 39 37 40 43 39 35 30
Not concerned (NET) 36 38 25 29 38 48 58
Not very concerned 24 27 19 19 30 36 33
Not at all concerned 12 12 6 10 8 12 24
Note: Percentages may not add up exactly to 100% due to rounding.
Methodology
This Harris Poll was conducted online within the United States between March 7 to 14, 2011 among 2,379 adults (aged 18 and over). Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was also used to adjust for respondents’ propensity to be online.
All sample surveys and polls, whether or not they use probability sampling, are subject to multiple sources of error which are most often not possible to quantify or estimate, including sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Therefore, Harris Interactive avoids the words “margin of error” as they are misleading. All that can be calculated are different possible sampling errors with different probabilities for pure, unweighted, random samples with 100% response rates. These are only theoretical because no published polls come close to this ideal.
Respondents for this survey were selected from among those who have agreed to participate in Harris Interactive surveys. The data have been weighted to reflect the composition of the adult population. Because the sample is based on those who agreed to participate in the Harris Interactive panel, no estimates of theoretical sampling error can be calculated.
These statements conform to the principles of disclosure of the National Council on Public Polls.
The results of this Harris Poll may not be used in advertising, marketing or promotion without the prior written permission of Harris Interactive.
J39773
Q730, 735, 740, 745, 750, 755
The Harris Poll(R) #45, April 4, 2011
By Humphrey Taylor, Chairman, The Harris Poll
SOURCE: About Harris Interactive
Harris Interactive is one of the world’s leading custom market research firms, leveraging research, technology, and business acumen to transform relevant insight into actionable foresight. Known widely for the Harris Poll and for pioneering innovative research methodologies, Harris offers expertise in a wide range of industries including healthcare, technology, public affairs, energy, telecommunications, financial services, insurance, media, retail, restaurant, and consumer package goods. Serving clients in over 215 countries and territories through our North American, European, and Asian offices and a network of independent market research firms, Harris specializes in delivering research solutions that help us – and our clients – stay ahead of what’s next. For more information, please visit www.harrisinteractive.com.
Press Contact:Corporate CommunicationsHarris Interactive 212-539-9600press
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CHICAGO (SOURCE Zacks Investment Research, Inc.) - Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: American International Group Inc., BlackRock Inc., Credit Suisse AG, Morgan Stanley and Barclays plc.Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter:
Here are highlights from Friday’s Analyst Blog:
Fed Snubs AIG Offer to Buy RMBS
Finally, the Federal Reserve Bank of New York (FRBNY) turned down American International Group Inc.’s offer to repurchase its $15.7 billion residential mortgage-backed securities (RMBS) on Maiden II. This is a special-purpose investment vehicle that the company had handed over to FRBNY as collateral mortgage bonds during the peak of its financial crisis.
The FRBNY has however decided to hold competitive bidding on the RMBS rather than handing them back to AIG. The bidding procedure is expected to help boost FRBNY’s earnings. Moreover, given the improvement in the yield of the RMBS driven by the ongoing economic revival, many bidders are showing interest in this investment.
For similar reasons, the buyback by AIG at this point would have proved to be a lucrative investment. Hence, the company’s management is quite disappointed with FRBNY’s decision. Nevertheless, beginning next week, FRBNY plans to sell these securities in blocks and pieces over time, whereby BlackRock Inc. is appointed to manage the sale process.
Meanwhile, the Financial Times reported that Credit Suisse AG , Morgan Stanley and Barclays plc (NYSE: BCS) are among the potentially interested bidders.
Earlier this month, AIG had offered repurchase of about 800 RMBS at about 50 cents on the dollar. When AIG was formed in December 2008, it had about $20.5 billion of RMBS under Maiden II, which has now declined to $15.9 billion.
The repurchase would have helped the US government to earn about $1.5 billion from the company’s bailout loan. Additionally, the repayment of Maiden II loan could reduce AIG’s loan obligations toward the US government to roughly $26 billion from $39 billion at 2010 end and the initial debt chunk of approximately $182 billion in 2008. This could have been quite an impressive progress.
The government’s $26 billion comprises preferred interests in AIA Group worth $11.3 billion held by the Treasury, a different Maiden Lane III vehicle that holds interests in collateralized debt obligations, and an undrawn line of credit. Besides, the debt repayment can help ease the process of public offering of 92% stake of Treasury in AIG, which is expected by May this year.
Overall, uncertainty prevails on how successfully FRBNY will be able to unload this RMBS portfolio, where AIG has already set a bar of $15.7 billion, in an attempt to maximize its returns.
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Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.
Zacks “Profit from the Pros” e-mail newsletter provides highlights of the latest analysis from Zacks Equity Research. Subscribe to this free newsletter today:
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Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leonard Zacks. Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3 to 1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it’s your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit from the Pros
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Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.
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ATLANTA (Source: Research and Markets) - Beazer Homes, one of the country’s top-10 homebuilders, is expanding beyond new home sales with the introduction of its Pre-Owned Homes Division. Beginning in the Phoenix market, the new division is charged with acquiring, improving and renting recently built, previously owned homes within select communities in markets in which the company currently operates. By augmenting the sale of newly constructed homes with rental options of previously owned homes, Beazer expects to appeal to a broader range of consumers. Ian J. McCarthy, Beazer Homes’ Chief Executive Officer commented on the new Division:
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LOS ANGELES (Source: Research and Markets) – Chase announced today that it will continue its investment in California by opening about 100 branches and adding more than 1,500 jobs to better serve customers in 2011. The new branches will extend Chase’s network to more than 900 bank branches and more than 3,000 ATMs across California.
Chase will open:
About 65 branches in Southern California, including Los Angeles, Ventura, Riverside, San Bernardino, Orange and San Diego counties; About 20 branches in Northern California, including San Francisco Bay Area and Sacramento Delta; and About 15 branches in Central California, including Kern, Tulare, Fresno and Madera counties.
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WASHINGTON (Research and Markets) - The NAACP announced today the opening of the NAACP Financial Freedom Center, the next phase of a groundbreaking agreement with Wells Fargo & Co. to provide financial education and banking resources to consumers. The Center will be the headquarters of the NAACP Financial Freedom Campaign, an initiative to influence change in the banking industry, prevent unfair mortgage lending practices, protect the community against predatory mortgage lending practices, improve fair credit access, and promote sustainable homeownership, financial education and wealth building strategies in historically disadvantaged communities. The agreement with Wells Fargo and NAACP was initiated last year and through this partnership, Wells Fargo became the first bank to endorse the NAACP’s Responsible Mortgage Lending Principles. The agreement also includes a process for sharing data, assessing Wells Fargo’s lending and servicing practices, and a shared accountability for progress.
The NAACP Financial Freedom Center will provide workshops on topics such as money management and home preservation through partnerships with community groups in the D.C. area. The Financial Freedom Center will serve as a base for NAACP units across the country to learn and organize around financial and economic empowerment. It will also hold gatherings to educate leaders in the financial industry about the historical impact of racial discrimination and best practices in achieving racial equity. The Financial Freedom Center will be staffed by a team of NAACP professionals. Volunteers from nonprofit organizations, financial institutions such as Wells Fargo, and others will be on site at the Center and across the country to provide guidance in such areas as home preservation, attaining a mortgage, credit repair and more.
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(Source: Freddie mac) – What percentage of Freddie Mac’s mortgage loan portfolio would you guess is at least 90 days late? As CEO of Freddie Mac, I often ask that very question of people outside our company to see what they would guess. And I sure receive a wide range of responses. Given the headlines, most people assume a fairly large percentage.
The answer: less than 4 percent of our single-family loans are at least three payments behind or in foreclosure. And less than 1 percent of our multifamily portfolio
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(Source: Speaker Boehner’s Press Office) - It’s been 43 days since the House passed H.R. 1 to fund the government for the rest of the fiscal year and cut spending to end some of the uncertainty facing job creators. Senate Democrats still haven’t passed a bill of their own or offered a credible plan to cut spending and keep the government running. Read more belowIn the weekly Republican address, Speaker Boehner
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(LoanSafe.org) - If your in foreclosure, and worried about losing your home, this event may help you to preserve your title of a home owner. There are many foreclosure rescue scams out there. Attending this event will help to educate you on how to recognize and avoid them. Learn your rights you have as a home owner.
To reserve your seat: 213-381-2862 or email counseling
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(LoanSafe.org) - If your a home owner who ix at risk of foreclosure, these events exist to assist your needs to assist you and other home owners. These events are recommended for home owners who are already in the foreclosure process, but home owners who are behind or almost behind on their payments are more than welcome to get assistance to prevent going into foreclosure. No pre-registration is required for this specific event. The workshop will include a 45-minute presentation summarizing the foreclosure process. You will also have an opportunity to meet one-on-one with a foreclosure prevention counselor.
Attendees should bring:
any communication received from your lender or loan servicer proof of income (e.g. recent pay stub)a copy of your mortgage statement.Date of Event: April 7
Time of Event: 1pm
Location of Event: Cottage Grove
Park Grove Library Minnesota
You don’t need to wait for the workshops to act. For more information or to speak with a foreclosure prevention counselor NOW, please call the Washington County HRA’s foreclosure intake line at 651-458-0936 ext. 542 or see www.wchra.com.
For more information about the Washington County Library, see www.co.washington.mn.us/info_for_residents/library/ or call 651-275-8500.
(LoanSafe.org) - Nevada passed a law that entitles homeowners to mediation prior to foreclosure. This seminar is specific to homeowners who have received a Notice of Default and would like further information regarding the mediation process. We will be going over the mediation process, what to expect and information required prior to the mediation.
At this event, home owners will have the chance to do something about their foreclosure. Whether that be stop foreclosure with a loan modification, or a short sale which would help to save your credit during an extreme hardship, attending this event will help attendees.
Date of Event: April 7
Time of Event: 4:00 p.m. to 6:30 p.m.
Location of Event: 1155 E. 9th Street, Reno, NV 89512 Reno Senior Center
For more information, call the Washoe County Senior Law Project at 775-328-2656.
(LoanSafe.org) - Home foreclosure filings in Nassau County continue to be among the highest in New York State. To get assistance in this ongoing foreclosure crisis, events like this one are recommended to attend. Attendees must bring their mortgage documents. Attorneys who speak Spanish, Creole and Russian will be on site to assist home owners at the event. Attorneys bi-lingual in Korean, Chinese, Hindi and other languages will be made available upon request when homeowners call to make reservations.
at the event, attendees will get to talk face to face with housing counselors, and will get assistance with loan modifications and other foreclosure mediation.
Reservations are required by calling the Bar Association at 516-747-4070.
Date of Event: April 14, 2011
Time of Event: 3:00pm
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(LoanSafe.org) – The resurrection Project is offering this free event to assist home owners to prevent foreclosure in order to stay in their home. The event will go over the foreclosure process and time line and help home owners discover their options when in a hardship. Register: (312) 666-1323. For more information, visit www.resurrectionproject.com
Date of Event: April 5
Time of Event: 6:00pm – 8:30pm
Location of Event: Parroquia San Pio V, 1919 S. Ashland Ave., Chicago
(LoanSafe.org) - For people in the riverside county area, this event will take place in Menifee this Saturday, April 9, for people in need of assistance.HELP sponsored by Chris Sorensen holds events regulary in the southern California, Riverside county area. These events will truly assist home owners to save their home and mortgage.
Date of Event: April 9
Time of Event: 10:00am-1:00pm
Location of Event:Menifee Sports Park
30627 Menifee Road
Menifee, CA 92584
Register at: www.freehomeownershiphelp.org
(Source: US Treasury By: Erika Gudmundson) – Today, Secretary Geithner sent the following letter to Congress regarding the debt limit
The Honorable Harry Reid
Democratic Leader
United States Senate
Washington, DC 20510
Dear Mr. Leader:
I am writing to update you on the Treasury Department’s projections regarding when the statutory debt limit will be reached and to inform you about the limits of the available measures at our disposal to delay that date temporarily.
In our previous communications to Congress, we provided regular estimates of the likely time period in which the debt limit could be reached. We can now make that projection with more precision. The Treasury Department now projects that the debt limit will be reached no later than May 16, 2011. This is a projection based on the expected level of tax receipts, the timing of our commitments and obligations over the next several weeks, and our judgment concerning the level of cash balances we need to operate. Although these projections could change, we do not believe they are likely to change in a way that would give Congress more time in which to act. Treasury will provide an update of this projection in early May.
If the debt limit is not increased by May 16, the Treasury Department has authority to take certain extraordinary measures, described in detail in the appendix, to temporarily postpone the date that the United States would otherwise default on its obligations. These actions, which have been employed during previous debt limit impasses, would be exhausted after approximately eight weeks, meaning no headroom to borrow within the limit would be available after about July 8, 2011. At that point the Treasury would have no remaining borrowing authority, and the available cash balances would be inadequate for us to operate with a sufficient margin to meet our commitments securely.
As Secretary of the Treasury, I would prefer to avoid resorting to these extraordinary measures. The longer Congress fails to act, the more we risk that investors here and around the world will lose confidence in our ability to meet our commitments and our obligations.
If Congress does not act by May 16, I will take all measures available to me to give Congress additional time to act and to protect the creditworthiness of the country. These measures, however, only provide a limited degree of flexibility
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(Source: DEA) FRESNO, Calif.- United States Attorney Benjamin B. Wagner and U.S. Drug Enforcement Administration Special Agent in Charge Anthony D. Williams announced today that Shirley Wong, aka Ngoc Li Vuong, 43, of San Jose, was sentenced to 21 months in prison for conspiring to commit mail fraud in connection with the financing and acquisition of two houses in Fresno and Clovis that were later used for marijuana cultivation. Wong was also ordered to pay restitution to the lenders who were forced to foreclose on the properties and suffered a loss of $342,095.
Wong admitted in her guilty plea that she bought two houses with the help of real estate agent and co-defendant Monique Le Nguyen. The Clovis house came to the attention of law enforcement when it caught fire, and Clovis Police found approximately 200 marijuana plants growing inside it. The Fresno house was also intended to be used for the indoor cultivation of marijuana. Loan applications for both the Clovis and Fresno residences falsely stated that the properties would be owner-occupied, misrepresented Wong’s employment, overstated her income and bank account balances, and used falsified bank records.
Last December, Nguyen was sentenced to a 20-month prison term following her guilty plea to the mortgage fraud conspiracy. Wong has been detained since February 2010.
This case is the product of an extensive investigation by the Organized Crime and Drug Enforcement Task Force (OCDETF), an interagency program which investigates and prosecutes major drug trafficking organizations throughout the United States. The DEA led the investigation with assistance from the U.S. Attorney’s Office’s Mortgage Fraud Task Force, Fresno County Sheriff’s Office, Clovis Police Department, Fresno Fire Department and Mendocino County Sheriff’s Office. Assistant United States Attorney Karen Escobar is prosecuting the case.
