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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

Mortgage Fraud News
Understanding Easy Big Money and Kickbacks in Mortgage Lending
Friday, 22 February 2008

Freddie Mac lifts lid on reinsurance arrangements
A seemingly arcane policy change by mortgage investor Freddie Mac sheds new light on issues of much broader concern for consumers: Do you really understand where the money is flowing -- all the nooks and crannies -- when you take out a mortgage and pay thousands of dollars in fees at settlement?  Is anyone required to explain to you what's really going on inside your home loan -- how it works and whether it could morph into something very different? Freddie Mac's policy change announced Feb. 14 affected a dark corner of the mortgage business -- splits of mortgage insurance premiums between lenders and insurers. What? My lender is getting a cut of the premium, you ask -- just as builders and realty brokers are pocketing chunks of my title insurance premiums behind my back?  See Related Article:Six Builders to Pay $1.4 Million in HUD Settlement

Read more...
 
Did HUD Ex-Secretary Cisneros Mastermind Predatory Lending
Tuesday, 19 February 2008

HUD Secretary Henry Cisneros Modifications to Deregulate Lending in '93 and '94
"Henry Cisneros on the hot seat”...he blamed the national housing and mortgage crisis on a variety of villains...The trouble is Cisneros failed to include his own name as one of the masterminds of predatory lending practices under his direction at HUD.  A predatory lending scheme that many experts predict could eventually lead to the worst recession to hit this county, and possibly the entire financial world...which ultimately compensated him generously... after leaving HUD Cisneros became a KB Home board member as well as a Countrywide board member.  He created American City Vista, an affordable housing joint venture with KB Home, as KB Home began construction on the disastrous Mirasol project that cost taxpayers millions, of which $5M is still missing. See Express-News article: Henry Cisneros on the hot seat  Plus Related articles...HUD's Broken System

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HUD Ex-Secretary Cisneros a Mastermind of Predatory Lending?
Sunday, 17 February 2008

EXPRESS-NEWS: Henry Cisneros on the hot seat
When Henry Cisneros joined the board of directors of Countrywide Financial Corp. in 2001, the real estate industry was poised for a spectacular ride... Cisneros' financial fortunes would soar, too. He was granted — and sold — more than $5 million in company stock as prices climbed from around $10 per share in 2001 to more than $40 per share in late 2006 and early 2007... Yet Countrywide's business began unraveling during the watch of Cisneros and his fellow directors. While the company's executives are considered primarily responsible, the case of Countrywide illustrates how quickly a director can find himself accused of having divided loyalties and poorly representing shareholders' interests...  He resigned from the board in October,... just days before Countrywide reported a $1.2 billion quarterly loss. Talk Back: How much do you think Henry Cisneros is responsible for the plight of Countrywide Financial, its shareholders and its customers?  Plus Related articles...HUD's Broken System

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Wasshington Post: Home Builders (NAHB) Want Political Favors for PAC Contributions
Thursday, 14 February 2008

Home Builders Halt Campaign Funds After Setback
The National Association of Home Builders, one of the top 10 corporate donors to politicians, has stopped contributing to congressional candidates after it failed to get what it wanted in recent anti-recession legislation. "Lobbies like to pretend that congressional action and their donations aren't tied, " said Melanie Sloan of Citizens for Responsibility and Ethics in Washington. "But the home builders just confirmed that they are." Ethics lawyers routinely warn interest groups to avoid saying or implying that the money they provide to candidates compensates them for taking a position on a particular piece of legislation. Such quid pro quos could be considered illegal gratuities or bribes.  See Reader Comments...

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ATTENTION: CNBC POLL
Wednesday, 13 February 2008

 Homebuilder Freeze all PAC (Money) to Elected Officials
Should builders get money from the government for the housing crisis? 
See Poll results after 24 hours
 See CNBC Video News Report

 
Homeowner forced to Bankruptcy
Saturday, 02 February 2008

Credit forcing home builders into bankruptcy
Home builders in metro Atlanta are in trouble, not just because they're not selling enough houses, but because they are having a hard time getting credit from their banks. "We are seeing large numbers of builders that are not able to get extensions of credit to either keep building or hold their inventories," said James L. Paul, business litigation and Chapter 11 reorganization attorney with Chamberlain, Hrdlicka, White, Williams & Martin in Atlanta. "The banks are not able to give extensions to enable the builders to sell off their nventories." Prior real estate busts in Atlanta certainly involved overbuilding and credit restrictions, factors in today's downturn, he said. But the prior downturns with tightening credit really only affected unqualified borrowers. This time, it's different.
Read more...

 
Mortgage Fraud 14 Companies - FBI Investigates
Tuesday, 29 January 2008

FBI investigating 14 companies for mortgage fraud
Complaints about potential mortgage fraud are up during the subprime mortgage crisis, and the FBI has opened criminal investigations of 14 companies related to subprime mortgage loans, the agency said Tuesday. Neil Power, chief of the FBI economic crimes unit, attributed the increase "to good old-fashioned greed." "On insider trading, we're looking in some cases at whether executives were aware that the value of their holdings would be going down and the executives traded on that information," said Power.

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CBS 60 Minutes - House Of Cards: The Mortgage Mess
Sunday, 27 January 2008

Steve Kroft Reports How The Mortgage Meltdown Is Shaking Markets Worldwide
It was another nervous week for the world's financial markets and for Wall Street. In the last six months, Americans have seen their investments shrink, their property values plummet, and the country edge closer towards a recession. At the heart of the problem is something called the subprime mortgage crisis, which began last summer and continues to ricochet through the economy...Developers started turning asparagus fields into subdivisions, and lenders handed out free money to anyone who wanted to buy. "What do you mean by free money?" Kroft asks Jim Grant, the editor of "Grant's Interest Rate Observer" and one the country's foremost experts on credit markets. "I mean free money. I mean you had to apply not to get a loan, almost. Sometimes you have to apply to get a loan, you almost had to apply not to get one," Grant says.

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Lawmakers debated many mortgage bills, but passed few
Friday, 28 December 2007

Congress reluctant to act on mortgage lending issues
As 2007 came to a close, Congress had done a lot of talking about cracking down on unfair and deceptive mortgage lending practices, but didn't deliver on any major legislation. Although there's some consensus that tighter regulations or new laws governing lenders are needed, some lawmakers have been reluctant to impose restrictions that might worsen the credit crunch and the housing downturn. In the meantime, the Federal Reserve has proposed strengthening its implementation of the Truth in Lending Act, through new regulations that would require subprime lenders to verify a borrower's ability to repay a loan after a payment reset; document income and assets; and establish escrow accounts for taxes and insurance for a minimum of one year.

Read more...
 
Mortgage-relief (rescue) plan may not be so good for everyone
Monday, 17 December 2007

Mortgage-Relief Plan Divides Neighbors
The state's highest number of foreclosures is in the Inland Empire, a region of 4.1 million people. The area might seem ripe for the mortgage-rescue plan, which would freeze interest rates for certain borrowers who have kept current on their loan payments but can't afford scheduled interest-rate increases over the next two years. The Inland Empire was a builder's delight in recent years as middle-class families increasingly were priced out of Los Angeles and Orange County. Giants such as Lennar Corp., KB Home and Beazer Homes USA Inc. uprooted citrus groves and paved over dairy farms to blanket the area with tract housing and upscale developments.

Read more...
 
2 states probe Countrywide home loans
Friday, 14 December 2007

The Calabasas lender says California and Illinois have issued subpoenas
The nation's No. 1 mortgage lender, Countrywide Financial Corp., is under investigation by California Atty. Gen. Jerry Brown and the attorney general's office in Illinois, the Calabasas company said Thursday. The investigation in Illinois, which was first reported in the New York Times, grew out of a probe into broker One Source Mortgage, which the state has charged with luring borrowers into loans they couldn't afford.

Read more...
 
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Reckless Endangerment
BY: GRETCHEN MORGENSON
and JOSHUA ROSNER

Outsized Ambition, Greed and
Corruption Led to Economic Armageddon


Amazon
Barnes & Noble

 Feature
Rise and Fall of Predatory Lending and Housing

NY Times: Building Flawed American Dreams 
Read CATO Institute: 
HUD Scandals

Listen to NPR:
Reckless Endangerman
by
Gretchen Morgenson : How 'Reckless' Greed Contributed
to Financial Crisis - Fannie Mae

 Texas, First Home Lemon Law Debated in the Nation

NPR Special Report
Part I Listen Now
Perry Home - No Warranty 
Part II Listen Now
Texas Favors Builders

Consumer Affairs Builder Complaints

 TRCC Implosion
 TRCC Shut Down
 Sunset Report

IS YOUR STATE NEXT?
As Goes Texas So Goes the Nation
Knowledge and Financial Responsibility are still Optional for Texas Home Builders

OUTSTANDING FOX4 REPORT
TRCC from Bad to Worse
Case of the Crooked House

Washington Post
The housing bubble, in four chapters
BusinessWeek Special Reports
Bonfire of the Builders
Homebuilders helped fuel the housing crisis
Housing: That Sinking Feeling

TRCC AN ARRESTING EXPERIENCE
The Pat and Bob Egert Building & TRCC Experience 

Homebuilder's Right-To-Repair Illusion

Build it right the first time
An interview with Janet Ahmad

KB Home Bombs
KB Goes Unpunished for Building Community on Bombs
Taxpayers Pay $2.6 Million
KB Attempts to Bribe Woman

KB HOME FEATURES
Legislators, HUD & FTC
Respond to complaints
HUD Fines KB Home$3.2M
FTC Fines KB Home $2M


ABC 20/20 - KB Home built on bombs
KB to build on Worst Nnuclear Meltdown Site
Why KB Profits are Greater
Special Reports - Read More...
See KB Homeowners Protest and Get Results
 WFAA's Bryan Harris Investigates KB Home & Bombs

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