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VISIT US ONLINE @ DSNEWS.COM New Mexico rank: 14 90+ Day Foreclosure Unemployment Delinquency Rate RateRate may 2012 2.01%4.07% 6.7% year ago 2.16%3.59% 7.5% percent point change -6.9% 13.4%-10.7% Top County TORRANCE COUNTY 90+ Day Delinquency Rate Foreclosure Rate may 2012 2.68%7.76% year ago 2.53%6.04% percent point change 6.1%28.5% Top Core-Based Statistical Area ALBUQUERQUE, NM 90+ Day Delinquency Rate Foreclosure Rate loans. In actuality, Garcia used the money to pay Keyworth's debt to Fannie Mae. He pleaded guilty to six counts in the indictment in October and admitted to devising a plan to submit requests to First Community for advances for non-existent mortgages. In this scheme, Garcia used names, addresses, and requested loan amounts from his company's prior clients. Garcia admitted to receiving six advances (totaling more than $1,279,650) for his fake requests. He had repaid $535,450 back with interest to First Community, so that amount was not included in the required restitution. Garcia currently lives in Los Angeles. He was ordered to surrender to a federal correctional institution to be designated by the U.S. Bureau of Prisons to serve his sentence. STAT INSIGHT may 2012 New York Custom Loss Mitigation Services Michael J. Wallace 516.319.1600 mjwallace@wallacerealestatesolutions.com WallaceRealEstateSolutions.com IN THE NEWS New York Assembly Passes Foreclosure Fraud Justice Bill 2.36%4.68% year ago 2.49%3.92% percent point change -5.2%19.2% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the May 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary May 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. IN THE NEWS Former Funding Group President Sentenced to Prison Days allowed by GSEs to complete foreclosure in New Mexico. Source: Fannie Mae and Freddie Mac New York rank: 5 90+ Day Foreclosure Unemployment Delinquency Rate RateRate april 2012 3.01%5.97% 8.5% year ago The former head of Keyworth Mortgage Funding Group of New Mexico and Arizona is facing jail time for bank fraud involving an elaborate mortgage scheme. According to the Albuquerque Journal, a federal judge in Santa Fe ordered Manuel Garcia to pay $585,243.59 to US Bank of Albuquerque, formerly known as First Community Bank. Garcia was also sentenced to 13 months in prison followed by five years of supervised probation. Garcia was indicted and charged with six counts of bank fraud on June 7 of last year, according to U.S. Attorney Kenneth J. Gonzales. At the time, he was president of Keyworth Mortgage Funding Group, which made mortgage loans and sold them to investors. The indictment charges Garcia with illegally obtaining money from First Community Bank by falsely saying it was to be used for new residential mortgage 3.52%4.98% 8.0% percent point change -14.5%19.9% 6.3% Top County SULLIVAN COUNTY 90+ Day Delinquency Rate april 2012 Foreclosure Rate 3.51%3.87% year ago 4.06%3.40% percent point change -13.6%14.0% Top Core-Based Statistical Area KINGSTON, NY 90+ Day Delinquency Rate Foreclosure Rate april 2012 4.43%8.21% year ago 4.90%6.33% percent point change -9.6%29.6% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the April 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary April 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. New York Attorney General Eric Schneiderman's proposed "Foreclosure Fraud Prevention Act of 2012" passed in the state Assembly, the Office of the Attorney General announced in late June. Schneiderman introduced the legislation as part of an effort to protect homeowners from foreclosure and crack down on fraudulent business practices. The bill defines residential mortgage foreclosure fraud and imposes criminal penalties—including jail time—for employees who engage in fraudulent conduct, like knowingly authorizing, preparing, executing, or filing false documents in a foreclosure action, or managers who knowingly tolerate such behavior. Under the legislation, employees who commit a fraudulent act in a residential foreclosure action could face class A misdemeanor charges, punishable by a $1,000 fine and up to a year in jail. Employees who engage in multiple acts of foreclosure fraud, known as robo-signing, may face class E felony charges, which is punishable by up to five years in prison. Managers of residential mortgage businesses who know about their employees' fraudulent practices and who allow it to continue could also see class E felony charges. Assembly Speaker Sheldon Silver praised the bill. "Throughout the state, many working families have invested their hard work and their hard-earned money in their homes," Silver said. "Hardworking families who have been victims of the recession should not be taken advantage of by banks or lenders." 97