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VISIT US ONLINE @ DSNEWS.COM bank was closed by regulators in September 2011. The tax fraud scheme cost state and federal governments more than $12 million and investors more than $8 million. According to the release, starting in 2008, Menden and his business partner, George P. Hranowskyj, worked with Bank of Commonwealth insiders to buy underperforming bank-owned properties. In exchange for preferential lending treatment, the release stated Menden and his business partner performed favors for bank insiders and assisted the insiders by purchasing bank-owned properties to mask the extent of non-performing assets held by the bank. The loans would then typically get written off at a significant loss. At the request of a bank insider, Menden and his partner also bid on properties at foreclosure auctions up to a specific price so that the bank could pay off the underlying loan for the properties, SIGTARP stated. As for the tax fraud scheme, starting in 2006, Menden and his partner borrowed funds to buy and renovate properties that were eligible for historic rehabilitation tax credits. As Menden and his partner renovated ensuring that our guidelines allow as many homeowners as possible to take advantage of the HARP refinance opportunity," said Rohit Gupta, president and CEO of Genworth's mortgage insurance unit. Since HARP's 2009 inception, Genworth Mortgage Insurance has refinanced more than 57,000 HARP-eligible homeowners, reducing their payment by an average of nearly $200 a month, according to a company release. Genworth Financial is an insurance holding company based in Richmond, Virginia. Long & Foster to Market Mid-Atlantic Real Estate in China properties, they also applied for federal and state historic tax credits, which were sold to investors who wanted to reduce their tax liability. Menden and his partner received about ventured abroad in September to raise awareness of real estate investment opportunities in its Mid-Atlantic territories. VP of corporate real estate services division Pandra Richie, joined sales associates to take part in the 2012 Beijing International Property Expo. "Numbers provided by Destinations Long & Foster Real Estate, Inc., $8.7 million from corporate investors for the illegitimate tax credits, and the scheme resulted in a loss of $6.2 million for the federal government and $6.3 million for Virginia. Hranowskyj, 47, of Chesapeake, Virginia, pleaded guilty on July 12 and faces a maximum of 20 years in prison for conspiracy to commit wire fraud and a maximum of five years in prison for conspiracy to commit bank fraud. He was sentenced October 15. Genworth Announces Support for GSE Refinance Guidelines mortgage insurance unit is aligning with refinance guidelines from Fannie Mae and Freddie Mac. The changes were introduced September Genworth Financial announced its 14 to make refinancing more accessible and improve the process for Home Affordable Refinance Program (HARP) loans. "Genworth is committed to helping Americans stay in their homes, and we're THE LEADER IN DEFAULT SERVICING NEWS DC, the official tourism and convention corporation of Washington, D.C., indicate that visitors from China rank the highest in terms of the number of foreign tourists to this area," said Richie. "With a burgeoning middle class, the number of millionaires on the rise, and the high volume of visitors from China, it makes perfect sense for the Long & Foster Companies to participate in this expo and introduce the many investment opportunities that exist here." The expo took place September 20-23 at the China World Trade Center in Beijing. Long & Foster is based in Chantilly, Virginia, and represents more than 12,000 agents in seven Mid-Atlantic states, plus the District of Columbia. KNOW THIS Home prices in Richmond, Virginia are expected to rise 2.3% over the next six months, according to Clear Capital's forecast. Help shape the next issue of DS News. Drop us a line at Editor@DSNews.com. 109

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