Fannie Mae Wins $66M In Fraud Suit Against NY Mortgage Co.

Law360, New York (June 24, 2013, 8:21 PM EDT) -- A New York federal judge on Friday awarded Fannie Mae nearly $66 million in a constructive fraud case alleging principals in a now-defunct Brooklyn-based mortgage company created a scheme where they collected Fannie Mae payments after borrowers had paid off their loans.

Samuel Pinter, who co-founded Olympia Mortgage Corp. in 1986, and his brother Leib Pinter were ordered by U.S. District Judge Nina Gershon to pay various amounts that together cannot exceed $44.8 million plus prejudgment interest for contract damages the Federal National Mortgage Association says...
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