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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.
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Mortgage Fraud News
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Attention:Texas Attorney General Investigating Washington Mutual |
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Monday, 10 October 2005 |
FOX 4 Investigative Report
File a complaint with the Texas Attorney General
Hundreds of customers of the mortgage giant complain they are getting socked with unnecessary fees and threats of foreclosure. If you have a complaint against Washington Mutual, you should direct those complaints to the Texas attorney general at 512 463-2100 or www.oag.state.tx.us. |
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70 Families Sue KB Home Mortgage |
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Sunday, 09 October 2005 |
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KB Home recently paid $3.2M in HUD fines for mortgage irregularities. Mortgage scams are catching up with homeowners who are struggling to keep their home but, many may be losing the battle to foreclosure. REPORT MORTGAGE IRREGULARITIES - If you think you are a victim - Report Mortgage Fraud Ft Worth Star-Telegram
The high price of mortgages
The Lights have taken their case to court. They are among more than 70 Tarrant County couples and individuals suing their lender, KB Home Mortgage Co., saying it negligently underestimated the amount of property tax that the homeowners needed to pay into escrow accounts to pay future taxes and insurance premiums... Another KB customer participating in the lawsuit, Ella Gray, moved into her KB-built home in Arlington's South Ridge development in August 2001. Her mortgage required a tax escrow of just under $50 a month, or about $600 a year. But in 2002, she was notified that her taxes for the year were going up -- to $4,129.37, or $344 a month, according to Tarrant Appraisal District data... Gray and other homeowners in South Ridge discovered in 2001 that their neighborhood had been used as a practice bombing range decades earlier and was still peppered with tiny unexploded bombs. Related article: HUD ANNOUNCES $3.2 MILLION SETTLEMENT AGINST KB HOME MORTGAGE COMPANY |
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Four Day Investigative Series |
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Friday, 07 October 2005 |
Columbus Dispatch Investigative Report
Ohio leads the nation in home foreclosure, a problem fueled by a weak economy, aggressive mortgage brokers, financial overreaching and tepid state oversight. |
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SUBURBAN BLIGHT & FHA Mortgage Defaults |
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Monday, 19 September 2005 |
Dominion Homes leads the state in FHA mortgage defaults
Bankers, credit counselors, appraisers, consumer advocates and others in real estate also blame some builders who act as mortgage brokers, because their control over much of the deal reduces checks and balances. Dominion’s two-year default rate is the highest in the nation among homebuilders with mortgage divisions that handled more than 1,000 Federal Housing Administrationbacked loans. It ranks fifth among all types of large lenders. |
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Charlotte Observer - Federal Reserve: Minorities pay more |
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Monday, 19 September 2005 |
Why do minorities pay more?
In a national report issued Tuesday, the Federal Reserve Board said blacks and Hispanics disproportionately receive high interest rates on mortgage loans, it does not know why, and it intends to find out. Regulators will examine lending by about 200 selected companies to see if discrimination affected pricing decisions, the report said...The Fed also said it will examine whether African Americans and Hispanics are sometimes steered to high-rate lenders when they could qualify for a market-rate loan. |
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Ft Worth Star-Telegram - Mortgage Series on disparities |
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Monday, 19 September 2005 |
Mortgage data show disparities
African-Americans and Hispanics continue to be denied mortgage loans more frequently than whites and tend to pay higher rates when their applications are accepted, according to new data released Tuesday. |
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Ft Worth Star-Telegram - 1st in Series - Higher Mortgage Rates for Minorities |
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Monday, 19 September 2005 |
In borrowing, some face a tougher climb
Blacks, Hispanics more likely to receive higher interest rates
Federal data provided by the 20 largest mortgage lenders show that African-American borrowers in the Fort Worth-Arlington and Dallas metropolitan areas were more than four times more likely to get a high-rate mortgage than Anglo borrowers. Such loans carry an interest rate at least 3 percentage points higher than the market rate. Hispanics are nearly three times more likely to get such loans.
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Ft Worth Star Telegram - Mortgage Series - Couple avoids being taken to the cleaners |
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Monday, 19 September 2005 |
Persistence helps couple cut rate
"If you were somebody who did not have a clue about buying and selling a home, you'd have gotten taken to the cleaners," Beard said. According to some studies, at least one in three borrowers who receive a high-rate loan could have qualified for a market-rate loan. |
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Realtors and Forclosure Sharks are Salivating |
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Thursday, 08 September 2005 |
Lobbyists decimate Homeowner protection bill
This year, Senator Denise Ducheny introduced SB 137 - the stripped down version that Schwarzenegger had vetoed. It was sailing along in the California legislature until the lobbyists geared up again, and like a pack of ravenous wolves tearing at a carcass, they decimated the bill even more. Senator Duchney was forced to drop the $2,500 ceiling to $1,800, and finally, to strip the equity provision from the bill at the demand of the realtors. A home can now be sold for any price after 12 months - even for a $1. The realtors and other foreclosure sharks are salivating all the way to the bank.
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Houston-area foreclosures rise |
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Sunday, 28 August 2005 |
Disturbing wake-up call in American dream
FOR thousands of Houstonians, the American dream of owning a home has become a financial nightmare. In 2004, lenders foreclosed on 8,300 homes in Harris, Montgomery and Fort Bend counties — more than double the number five years before... More homeowners are also getting right to the brink of foreclosure. The number of homes posted for foreclosure — a warning that the bank can foreclose in 21 days — totaled 19,866 in Harris County last year, the highest since 1989...Texas leads the nation in home foreclosures, according to the Foreclosure Economic Advisory Council |
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Forclosures rise in 47 states |
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Sunday, 10 July 2005 |
A Bane Amid The Housing Boom: Rising Foreclosures
Foreclosure rates rose in 47 states in March, according to Foreclosure.com, an online foreclosure listing service. The rates in Florida, Texas and Colorado are more than twice the national average. Even in New York City and Boston, where real estate markets are white-hot, foreclosures are rising in working-class neighborhoods... many policymakers say the rise in foreclosures leads to a larger question: Is the push to boost homeownership -- successive presidential administrations have strongly promoted it -- backfiring? ..."We've had a national agenda that's putting people into homeownership who are not ready for it,"... |
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