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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
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Mortgage Fraud News
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New York Times: Financial Misdeeds Little Legal Liability and New Opportunities |
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Sunday, 19 July 2009 |
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NY Times GRETCHEN MORGENSON: Looking for the Lenders’ Little Helpers
It is hard not to be dismayed by the fact that two years into our economic crisis so few perpetrators of financial misdeeds have been held accountable for their actions. And what of the giant institutions that helped finance these monumentally toxic loans, or arranged the securitizations that bundled the loans and sold them to investors? So far, they have argued, fairly successfully, that they operated independently of the original lenders. Therefore, they are not responsible for any questionable loans that were made. |
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Lobby Watch: Countrywide $20 million in taxpayer funds |
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Friday, 05 June 2009 |
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Indicted Countrywide Chief Built Second Home in Texas
In 2004 Texas' top leaders awarded $20 million in taxpayer funds to induce Countrywide to expand its Texas workforce. After the troubled company laid off one-fifth of its workforce, Governor Perry now refuses to release the compliance reports that Countrywide files to verify if it is has met the jobs requirements of its state grant. Read more: Lobby Watch at TPJ. |
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New York Times: Countrywide Mozilo's “toxic” and “poison,” securities fraud |
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Friday, 05 June 2009 |
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Citing e-mail messages in which Mr. Mozilo referred to Countrywide loan products as “toxic” and “poison,” S.E.C. officials said that he had misled investors about growing risks in the company’s lending practices from 2005 through 2007. During this time he also generated $140 million in profits by selling stock in the company, the S.E.C. said. “This is the tale of two companies,” said Robert Khuzami, enforcement director at the S.E.C. “Countrywide portrayed itself as underwriting mainly prime-quality mortgages, using high underwriting standards. But concealed from shareholders was the true Countrywide, an increasingly reckless lender assuming greater and greater risk.” At a news conference announcing its filing of the suit, the most prominent against an executive involved in the mortgage crisis, Mr. Khuzami said the S.E.C. had made it a priority “to pursue cases at the root of the financial crisis.” As the nation’s largest mortgage lender, Countrywide helped fuel the housing boom by offering loans to high-risk borrowers. See Related Feature: Rise and Fall of Predatory Lending and Housing |
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Tuesday, 12 May 2009 |
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Minyanville: Subprime Lending is Back with a Vengeance
This is truly a shell game of the most amazing magnitude and we are simply continuing the practices that got us here. Because Americans are not savers and there are not enough marginal buyers we literally are turning renters into homeowners and they need to bring nothing to the table ... again. So they will have no problem walking away... again. This is the latest outrage via an excellent piece at Minyanville... that $8000 credit we were lauding as an incentive? Well it is no longer being used as it was intended to be... i.e. borrower comes to government with their 3% down and then gets the $8000 the following year. |
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New York Times Editorial: When Builders Build Bad Loans |
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Thursday, 23 April 2009 |
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When Builders Build Bad Loans
The bill’s sponsor, Assemblyman V. Manuel Pérez, says the problem is that many consumers who bought homes from corporate builders ended up caught in a closed loop: forced by hard-sell tactics and deception to use the builders’ in-house mortgage and title companies. The industry promotes the practice as a one-stop-shopping convenience that saves time and money. Too many homeowners found it did neither. They were pressured into buying overpriced homes with interest-only loans that they didn’t understand and couldn’t handle. When the bubble burst in Southern California, that was it for their dreams and homes. |
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NBC Dateline Series on Mortgage Fraud |
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Monday, 23 March 2009 |
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DATELINE: INSIDE THE FINANCIAL FIASCO SERIES BEGINS
For the first hour of a three-part investigative series, "Inside the Financial Fiasco: Mortgage Madness," NBC's Chris Hansen reports on how risky home loans helped cause a chain reaction that led to failures on Wall Street and the near collapse of the American economy. The report also includes exclusive accounts from insiders and whistleblowers speaking out for the first time.Check TheHansenFiles.com afterwards for web-exclusive material. See NBC main page... |
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Countrywide Mega Million Stettlements, VA, WVA, PA, TN, |
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Sunday, 08 February 2009 |
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State Law- Predatory Lending & Mortgage Fraud
State AG's Make Countrywide Pay - When will Board Members, the masterminds be held accountable. Countrywide sold subprime loans, including adjustable rate mortgages ("ARMs") with teaser rates that were unaffordable and unconscionable to West Virginia consumers. These loans exposed consumers to foreclosure and loss of their homes. Countrywide also used unfair and deceptive acts or practices to sell loans and service loans. Read more... |
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Bank Foreclosured Hit Homebuilders Hard |
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Friday, 02 January 2009 |
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Builders with unsold homes get little leniency from bankers
In his 35 years as a home builder, Bobby Lunceford earned plenty of accolades. Kennesaw Citizen of the Year in 2000, home builder of the year in 2003 and outstanding Georgian, according to a resolution approved by state lawmakers in 2004. None of that mattered, however, when Lunceford tried to work with five banks to save his business, Bob Lunceford Properties, after home sales plummeted. He asked the banks to suspend loan payments until his homes sold, at which time the loans would be paid off. Instead, “the instant we ran out of money all but one bank began foreclosure proceedings,” Lunceford, 56, recalled. He and his wife, Becky, lost their home, their cars, their life savings and their business, and now live in a rented house. |
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NY Times Exposes: Washington Mutual was all about saying yes |
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Thursday, 01 January 2009 |
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Saying Yes, WaMu Built Empire on Shaky Loans
We hope to do to this industry what Wal-Mart did to theirs, Starbucks did to theirs, Costco did to theirs and Lowe’s-Home Depot did to their industry. And I think if we’ve done our job, five years from now you’re not going to call us a bank.” As a supervisor at a Washington Mutual mortgage processing center, John D. Parsons was accustomed to seeing baby sitters claiming salaries worthy of college presidents, and schoolteachers with incomes rivaling stockbrokers’. He rarely questioned them. A real estate frenzy was under way and WaMu, as his bank was known, was all about saying yes. Yet even by WaMu’s relaxed standards, one mortgage four years ago raised eyebrows. The borrower was claiming a six-figure income and an unusual profession: mariachi singer. Mr. Parsons could not verify the singer’s income, so he had him photographed in front of his home dressed in his mariachi outfit. The photo went into a WaMu file. Approved. |
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HUD to Bans Incentives for Using Affiliated Lenders |
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Wednesday, 17 December 2008 |
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New for 2009: HUD Bans Incentives for Using Affiliated Lenders
When Housing and Urban Development Secretary Steve Preston announced the department’s “long-anticipated mortgage reforms” on Nov. 12, he said the changes to the Real Estate Settlement Procedures Act (RESPA) would help consumers to shop for the lowest cost mortgage, avoid costly and potentially harmful loans, and save hundreds of dollars at the closing table. |
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USA TODAY Predicts Decades of Recovery |
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Friday, 12 December 2008 |
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Why home values may take decades to recover
As painful as the decline has been, history suggests home values still may have a long way to drop and may take decades to return to the heights of 2½ years ago... An extreme relaxation of lending standards inflated the housing bubble. "Shoddy underwriting on mortgages" is the primary cause of the housing crisis, says York, the Wachovia economist. "People got caught off-guard by how bad it was." Millions of home buyers — poor, rich and middle class — were approved to buy homes at prices that had been out-of-reach just a few years earlier. Lenders offered low introductory "teaser" rates on adjustable rate mortgages and approved borrowers based on artificially low mortgage payments, not the higher ones that took effect later. |
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