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See theTexas Judiciary & Civil Jurisprudence Arbitration Hearing, Video of Homeowners Testimony Advance to 1:55

Billions for Home Builder Corporate Welfare from Washington 
 New York Times, by Gretchen Morgenson
 
Read and Post Remarks in The Huffington Post 
American Banking News: Tax Breaks Worth Billions to Big Business
Call and Write President Obama and Your Elected Officials
Related Articles:  NY Times: Building Flawed American Dreams 
Rise and Fall of Predatory Lending and Housing

KB Homes Infomercial - Remembering Mortgage Fraud
 Cisneros partner in Lago Vista was Bruce Karatz,
highest paid CEO in the country with $232 million compensation package. Karatz:…realize how easy it is to buy… How broad the qualification is… It’s a life changing experience that we create. 
View Ex-HUD Secretary HenryCisneros KB Home Infomercial

 

Mortgage Fraud News
Byron Harris News 8 Investigates Foreclosure Collateral Damage
Tuesday, 02 February 2010

Collateral damage: Innocent victims of the mortgage crisis
They cut the lawns, change the locks, clean and maintain the vacant, foreclosed homes that litter Texas neighborhoods. Like many small businesses, they operate on a shoestring. And dozens of them have been driven to financial ruin because they've never been paid. Banks have no way of maintaining all the homes they now own. They contract so-called "property preservation" firms to manage the work... But News 8 has found that from coast-to-coast, the mom-and-pops are suffering because the contractors who promised to pay them never have.

Read more...
 
Bank Greed and Protest a Way of Life
Friday, 18 December 2009

Protestors gathered on the streets of Chicago over Bank Greed
Things were livelier than one might expect at the American Bankers Association's annual meeting in October 2009. Protestors gathered on the streets of Chicago, mobilized by what they see as fundamental injustice in the aftermath of the bank bailout: large financial institutions are posting huge profits and awarding their employees big bonuses, while home foreclosures across the country continue to climb.  George Goehl, whose organization National People's Action helped organize the protests and Heather Booth of Americans for Financial Reform join Bill Moyers on the JOURNAL to explain why people are angry with the banks, and what they believe community groups can change across the country and in Washington, D.C.

Read more...
 
RYAN HOMES STIMULUS FOR FRAUD: COUPLES GOT THE MONEY BUT NO HOUSE
Monday, 02 November 2009

Couple says Ryan Homes misled them: Received tax credit before bought home
A serious allegation against one of the nation's top ten builders. Unhappy clients who called 12 say they got government money they were not entitled to, and they blame Ryan Homes for giving them bad advice...They claim Ryan Homes instructed them to apply for the first time, homebuyer's tax credit with no loan pre-approval..."I'd rather expose them, Ryan, for what they did, than to accept $2,500 just to keep quiet," Jerron said.

Read more...
 
GRETCHEN MORGENSON: Good news for homeowners - Has the bank lost your mortgage?
Tuesday, 27 October 2009

If Lenders Say ‘The Dog Ate Your Mortgage’
But if our current financial crisis has taught us anything, it is that many borrowers entered into mortgage agreements without a clear understanding of the debt they were incurring. And banks often lacked a clear understanding of whether all those borrowers could really repay their loans. Even so, banks and borrowers still do battle over foreclosures on an unlevel playing field that exists in far too many courtrooms. But some judges are starting to scrutinize the rules-don’t-matter methods used by lenders and their lawyers in the recent foreclosure wave. On occasion, lenders are even getting slapped around a bit. One surprising smackdown occurred on Oct. 9 in federal bankruptcy court in the Southern District of New York. Ruling that a lender, PHH Mortgage, hadn’t proved its claim to a delinquent borrower’s home in White Plains, Judge Robert D. Drain wiped out a $461,263 mortgage debt on the property. That’s right: the mortgage debt disappeared, via a court order.

Read more...
 
Big Fish, Little Fish - Who's Next
Friday, 16 October 2009

Judge finds Tousa was 'insolvent' when loans struck. Orders funds returned to companies by Oct. 23
A U.S. judge ruled that loans taken out by homebuilder and financial services company Tousa Inc six months before it filed for bankruptcy involved fraudulent transfers of assets and voided them, ordering the lenders to return more than $600 million. The ruling, issued on Tuesday in federal bankruptcy court in Ft. Lauderdale, Florida, instructed the lenders to wire $403 million plus interest into a disgorgement account on or before Oct. 23. It also ordered other lenders who took as collateral a $207.3 million federal tax refund Tousa received shortly before the bankruptcy filing to turn over those funds plus interest.

Read more...
 
Another Small Fish Prosecuted for Mortgage Fraud - Still Waiting for Big Fish
Friday, 16 October 2009

Bolivia man sentenced on mortgage fraud charges
A Bolivia man was sentenced in federal court last week to almost six years in prison for his involvement in a mortgage fraud scheme out of Whiteville that netted $6 million. Williams pleaded guilty in February to one count of conspiracy to commit wire fraud and mail fraud and one count of conspiracy to commit money laundering, according to a press release from the U.S. Department of Justice.

Read more...
 
Homebuilder Toxic Mortgages and Foreclosures Troubles
Tuesday, 08 September 2009

Homebuilders Sued Over Lax Lending Rules
Thousands of homeowners nationwide are expected to join a string of federal class action lawsuits accusing eight major homebuilders of using their in-house finance companies to approve people for loans they couldn't afford, contributing to waves of foreclosures pummeling their neighborhoods. The eight suits filed late Thursday in the Central District's Riverside division name the California and national corporate offices of Standard Pacific Homes Inc., Richmond American Homes Corp., Lennar Corp., D.R. Horton Inc., Centex Corp., Shea Homes Inc., Beazer Homes USA Inc. and Ryland Group Inc.

Read more...
 
Fast Money Mortgage Fraud Slow to Discover and Prosecute
Saturday, 05 September 2009

Melvin Lendall Brown, Owner of Brownstone Construction, Indicted in Houston, Texas on Fraud Charges
Brown, 49, of Houston, was charged with 16 counts of wire fraud arising from a scheme to defraud residential mortgage lenders of approximately $5 million in loans in connection with home purchases in the Houston area.

Read more...
 
Mortgage Fraud: Indictments against 41 people and four companies
Saturday, 29 August 2009

Ohio task force cracks mortgage fraud case involving 453 homes
Uri Gofman of Beachwood, Ohio is alleged to have orchestrated one of the nation's largest mortgage fraud cases by enlisting family, friends and others to invest in his real estate company, Real Asset Fund, with promises of profit. Gofman's enterprise began with seed money from an investor who transferred funds from a bank account in Latvia. The scheme involved using straw buyers to purchase homes, falsely claiming home improvements were performed on houses in order to refinance them, and then selling houses to unqualified buyers with the assistance of real estate agents, mortgage brokers and title companies.

Read more...
 
Mortgage Fraud Claim:Texas AG Takes Action
Thursday, 30 July 2009

Texas claim forms sent for Countrywide restitution
Attorney General Greg Abbott's office on Monday announced the forms were mailed late last week over the February agreement. The deal applies to Countrywide customers who secured loans between 2004 and 2007, who lost their homes to foreclosure or whose payments were 120 days behind as of Oct. 6, 2008. Only Countrywide customers who receive letters are eligible to seek restitution. The final dollar amount will depend upon the number of people who respond. The AG's office investigated Countrywide in 2008 for encouraging homeowners to accept loans they could not afford, failing to fully disclose risky terms and writing loans for unqualified borrowers

 
Texas Mortgage Fraud Dispenses $7.46M of Justce
Thursday, 30 July 2009

Countrywide to dispense $7.46M to Texans
Texans eligible for a portion of the payout will soon be receiving a form in the mail to fill out to request restitution, according to the Attorney General's office. The office of Texas Attorney General Greg Abbott said the program to reimburse Texas homeowners was first announced in February. Only customers who took out Countrywide loans between Jan. 1, 2004 and Dec. 31, 2007 are eligible.

Read more...
 
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