"/> Previous Fannie Mae worker condemned of making millions on dubious foreclosure sales | Scarab Title & Escrow Services, LLC.

A previous Fannie Mae staff member is now dealing with 40 years in jail after being condemned of accepting countless dollars in allurements and kickbacks in exchange for offering Fannie Mae-owned foreclosures for less than market price. Back in January 2018, Shirene Hernandez was charged with accepting kickbacks for guiding foreclosures to particular brokers and even apparently purchasing some foreclosures herself at listed below market price.

And today, Hernandez was condemned of 2 wire scams counts that included the deprivation of truthful services.

Hernandez previously operated at Fannie Mae in California as an REO foreclosure professional and was charged with the sale of homes foreclosed on by Fannie Mae.

As a sales agent, a position she held from 2010 through 2015, Hernandez would designate Fannie Mae-owned homes to realty brokers and authorize sales of the residential or commercial properties based upon deals the brokers sent.

Hernandez authorized sales of Fannie Mae REO residential or commercial properties at reduced rates to both herself and to brokers who paid her kickbacks.

Hernandez likewise got kickbacks– mainly in the type of money– in exchange for listings and commissions that brokers made on realty sales in concern, all of which were infractions of Fannie Mae guidelines and federal law.

Beyond that, Hernandez likewise designated some listings to members of her household, who got practically $2 million in commissions in less than 3 years from the plan.

According to court files, Hernandez got more than $1 million in take advantage of the plan, consisting of money kickbacks and equity in a Fannie Mae home she purchased utilizing kickback loan.

Hernandez didn’t simply utilize ill-gotten funds to purchase a Fannie Mae home at listed below market worth and then make loan off it as a leasing, she likewise paid for the residential or commercial property in concern with a duffel bag complete of money.

As a part of plan, Hernandez purchased a Fannie Mae-owned residential or commercial property in Sonoma that she was accountable for offering on behalf of Fannie Mae. Rather of offering it at leading dollar, she turned down greater deals and authorized a sale at a below market rate– to herself.

Not straight, naturally. According to court files, Hernandez utilized intermediaries and affiliates that she managed to purchase the home.

She offered the home on behalf of Fannie Mae to a business associated with a broker who was bribing her. She directed the broker to move the residential or commercial property to Hernandez’s sister-in-law, who paid for the residential or commercial property with a duffel bag filled with $286,450 in money that she got from Hernandez, a quantity that was far listed below the market rate.

From there, Hernandez earned money on the home by leasing it out.

As part of her trial, a federal jury purchased Hernandez to surrender the rental residential or commercial property to the federal government, as the home is now worth numerous countless dollars more than the rate Hernandez spent for it.

Hernandez deals with a statutory optimum of twenty years in federal jail for each of the 2 felony offenses.