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Mortgage Fraud News
Bad Loans and Explosive Growth Not Good for Business |
Tuesday, 07 August 2007 |
American Home's explosive growth capped by bankruptcy
American Home Mortgage Investment Corp., a publicly traded real estate investment trust that grew rapidly during the housing boom to become the nation's 10th-biggest residential mortgage lender, has filed for Chapter 11 bankruptcy protection. Home employed about 7,500 workers at more than 550 loan production offices in 47 states and the District of Columbia. The New York-based lender funded 196,000 mortgage loans in 2006 totaling $58.9 billion -- more than double the $23.1 billion in loan production for 2004 -- for a 2.2 percent market share, according to the company's last annual report to investors. |
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Mortgage Fraud – Getting worse before getting better |
Thursday, 05 July 2007 |
Loan predators remain safe
Guest perspective: Guidelines aren't rules, they're suggestions. If there was ever a time when federal regulators should be knocking heads it's now. The plain truth about the subprime meltdown is that investors got greedy and lenders began looking the other way. Final subprime underwriting guidelines were released recently by the patchwork of federal regulators charged with overseeing the soundness of our banking system. (See FDIC press release from June 29, 2007.) Guidelines aren't rules, they are suggestions. |
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FBI Busy with Mortgage Fraud |
Thursday, 28 June 2007 |
5 Indicted in Multimillion Dollar Texas Fraud Scheme
A licensed Texas attorney and real estate developer, a sports agent, two bank loan officers, and a real estate appraiser have been indicted in a multimillion dollar mortgage fraud scheme. The indictment alleges involvement in a mortgage fraud scheme that reached every aspect of a real estate loan: seller, buyer/borrower, loan officer, appraiser, escrow officer, and title company. |
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New Florida Mortage Fraud Law |
Wednesday, 27 June 2007 |
Special Report: Mortgage Fraud Scheme Gets Cash Through Fraud
The State has made a mortgage fraud scheme which tacks extra money onto a mortgage illegal, because it defrauds lenders and endangers home ownership. Gov Crist has signed a bill into law that makes mortgage fraud a felony crime. The following video is 4 ½ minutes summarizing this bill and the FBIâs efforts in following the massive paper trails of fraud in the State of
Florida. View CBS4 Report
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WFAA's Byron Harris investigation revealed questionable real estate transactions |
Friday, 18 May 2007 |
Three indicted in McKinney mortgage fraud
Last fall, a News 8 investigation revealed questionable real estate transactions in the Hills Creek neighborhood of McKinney. Yesterday, a Collin County grand jury indicted three men for allegedly lying on deeds on three different homes in the neighborhood. On Hills Creek in McKinney, a house went from $315,000 to a sale price of $625,000 in four years. Now the Collin County Grand Jury has indicted three men for lying on deeds to homes on Hills Creek. Not one lives in the neighborhood. All allegedly told their mortgage lenders they were. |
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Mortgage fraud climbs 30% |
Thursday, 17 May 2007 |
Mortgage Bankers Association calls for more FBI agents, prosecutors
With an industry database showing a 30 percent increase in loans involving suspected mortgage fraud in 2006, the Mortgage Banker's Association is asking Congress to set aside $31.25 million over five years to hire more FBI investigators and prosecutors. |
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It started as the 'All Broad Fraud Squad' and grew |
Saturday, 12 May 2007 |
Mom Turns into Mortgage Fraud Sleuth
Georgia - She used to be a DeKalb County stay-at-home mom. Now she is a nationally recognized mortgage fraud expert and her mission is to spread the word about taking back control. Mortgage fraud can work dozens of ways but here is one typical scenario: Fraudsters move in and flip a house again and again, driving the price up on a property that is not worth it. The fraudsters get big loans from banks and the banks, many times, end up eating the loss. The community suffers from un-sellable eyesores that sit empty for years. |
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Investigation into Mortgage Flipping Scam |
Tuesday, 08 May 2007 |
17 penalized in 'mortgage flipping'
As part of an elaborate mortgage-flipping scheme that has bilked lenders and blighted neighborhoods, a vacant house in the 5300 block of South Laflin Street sold for $165,000 last year and was resold for twice that amount just hours later, state officials said Tuesday. After a three-month investigation, 17 businesses and individuals have been disciplined for their involvement in a mortgage-fraud ring that falsified documents and created bogus appraisals, Illinois Department of Financial and Professional Regulation officials announced Tuesday.
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The Washington Post - Beware the builder's lender |
Tuesday, 01 May 2007 |
Beware the builder's lender
So much of the fun in buying a newly built home comes from being able to choose the upgrades that tailor it to your tastes. Want steam vents in the shower? No problem. With a swipe of the pen, they're yours. And for now, at least, many builders are offering such goodies at no extra cost. Usually, though, there's a condition: The builder will pick up the tab only if you get your mortgage through its preferred lender. |
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Realty Times - Title Insurance |
Tuesday, 01 May 2007 |
Title Insurance Debate, Round Two
Just 5 percent of your title insurance premium is used to pay claims, says the federal government, while 70 percent is paid out in the form of agent commissions. But fixing prices, as is now the case in New Jersey, absolutely eliminates any competition of interest to consumers. Without price competition, consumers have no reason to prefer one price-fixed title agent over another price-fixed title agent. One correspondent said those who wish to complete would be "violating the CURRENT title laws by offering discounts." |
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Wells Fargo Loan Irregularities |
Monday, 30 April 2007 |
Wells Fargo settles subprime class-action suit
Wells Fargo & Co. has settled a class-action lawsuit over lending practices at its Wells Fargo Financial Inc.'s mortgage unit, which focuses on the subprime market.The Association of Community Organizations for Reform Now, or ACORN, had alleged in the lawsuit, filed in 2003, that Wells Fargo Financial failed to properly disclose points and prepayment penalties to borrowers, and inaccurately reported loan balances for some California customers to credit reporting agencies. |
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