Fannie mae foreclosures ny
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Once the work was completed, Rosicki then passed the inflate bills along to those servicers, representing those bills to be true and accurate, despite knowing that the servicers would submit claims to Fannie Mae for full reimbursement of the expenses.Īccording to the complaint, the submission of those “fraudulently inflated expenses” caused Fannie Mae to pay out “millions of dollars” in falsely inflated foreclosure expenses. In some cases, the markups were as much as 750%, despite Enterprise and Paramount adding “little if any value to the services that the vendors had performed.”Įnterprise and Paramount then submitted those allegedly marked up expenses, which exceeded market rates in many cases, to Rosicki. The complaint states that instead of doing the work themselves, Enterprise and Paramount actually used third-party vendors to perform the majority of the work in question, and then applied “exponential” markups to the services performed.
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The complaint alleges that Rosicki only used its own companies to serve process and perform title searches that were required to complete foreclosures on loans owned by Fannie Mae. In a complaint, the DOJ alleges that the Rosicki firm specializes in foreclosures, acting as counsel to mortgage servicers that use the firm to execute foreclosures in New York, a judicial foreclosure state.Įnterprise is a process server and Paramount is a title search company, both of which are “wholly owned and controlled by the two founding partners of Rosicki.”Īccording to the complaint, from May 2009 through the present, Rosicki, Enterprise, and Paramount performed specific foreclosure-related work on behalf of mortgage servicers. Attorney’s Office for the Southern District of New York, Rosicki, Rosicki & Associates engaged in a scheme with its wholly owned affiliates, Enterprise Process Service and Paramount Land, to markup foreclosure services by as much as 750% knowing that Fannie Mae would pay the bills.
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A New York foreclosure law firm allegedly used its affiliated companies to “systemically” overcharge for foreclosure-related services and defraud Fannie Mae out of “millions of dollars,” the Department of Justice said in court this week.Īccording to the U.S.