SEC fines First #mortgage $12.7M, bans 6 execs for defrauding Ginnie Mae investors

Several senior executives at First #mortgage Corporation lied about the performance of the #mortgages the company originated so they could pull the #mortgages out of #mortgage-backed securities guaranteed by Ginnie Mae, then turn right back around and sell the #mortgages back into new #mortgage bonds, defrauding investors out of $7.5 million, the Securities and Exchange Commission said Tuesday. http://www.housingwire.com/articles/37156-sec-fines-first-mortgage-127m-bans-6-execs-for-defrauding-ginnie-mae-mortgage-bond-investors ❤️ #share #mortgage

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