The Department of Banking is making headlines!  Here is a sample of articles about our efforts.

3/20/2012
Foreclosure Rescue Scammer Pleads Guilty
PHILADELPHIA - Anthony J. DeMarco, III, 33, of Conshohocken, pleaded guilty today to conspiracy and fraud charges in connection with a mortgage fraud scheme involving more than $30 million in loans.  From 2006 through July 2009, DeMarco owned and operated DeMarco REI, Inc., a foreclosure rescue company. Read more.

9/14/2011
Sept/Oct 2011 Issue of Key Notes Magazine (PCUA)
“Meet the Secretary of Banking: An Interview with Glenn E. Moyer”
 Recently, Key Notes had the opportunity to talk with Secretary Moyer about his goals as the Secretary of Banking and various issues impacting Pennsylvania credit unions. Read more.

8/18/2011
FDIC New York Region Regulatory Conference Call on Sept. 29, 2011
The FDIC New York Region will be hosting a Regulatory Conference Call on Sept. 29, 2011 on the subject of “Troubled Debt Restructuring.” The session will discuss outstanding guidance on troubled debt restructurings, including the recently issued Accounting Standards Update No. 2011-12, “A Creditor’s Determination of Whether a Restructuring is a Troubled Debt Restructuring.” Read more.

6/22/2011
Bucks County couple convicted in mortgage fraud
A Bucks County couple were convicted Tuesday in federal court of a $14.6 million mortgage-fraud scheme targeting homeowners facing foreclosure, prosecutors said. Edward G. and Jacqueline McCusker of New Hope face lengthy prison sentences, prosecutors said. The couple, both 47, also face large fines and possible forfeiture of the proceeds from their fraud. The McCuskers operated Axxium Mortgage Inc. They worked with codefendants Jeffrey A. Bennett and Stephen G. Doherty, both lawyers, who have pleaded guilty and await sentencing. Codefendant John Bariana also has pleaded guilty and is awaiting sentencing. The defendants sought homeowners facing foreclosure and promised to help them find an investor to save their homes. The case was investigated by the FBI and the Pennsylvania Department of Banking. Read more.

2/8/2011
Fourteen Charged in Seven Separate Mortgage Fraud Schemes; Charges Mark Third Anniversary of the Creation of the Western Pennsylvania Mortgage Fraud Task Force
United States Attorney David J. Hickton and key officials from federal, state, and local law enforcement and regulatory agencies recognized today the three-year anniversary of the Feb. 4, 2008, formation of the Western Pennsylvania Mortgage Fraud Task Force, and the filing of charges against 14 individuals associated with seven different mortgage fraud schemes. The individuals charged include a wide spectrum of roles associated with mortgage fraud, including a closing attorney, mortgage brokers, real estate investors, and a bank employee. The seven schemes involved approximately 320 properties and $75 million in fraudulent loans. Read more.