Fannie Mae Pockets Fraud Win Against Brooklyn Mortgage Co.

Law360, New York (November 6, 2012, 8:45 PM EST) -- Fannie Mae won an $850,000 judgment against the founder of a Brooklyn, N.Y.-based mortgage company in New York federal court Monday, in a constructive fraud case accusing the lender of lying in a $44 million scheme to continue collecting Fannie Mae payments after borrowers had paid off their loans.

Samuel Pinter, who founded Olympia Mortgage Corp. in 1986, was ordered to pay the Federal National Mortgage Association $853,790.34 plus interest, the amount he reaped from Olympia's scheme, according to the judgment.

All told, Olympia's alleged lies...
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