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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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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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HUD - History Making KB Home Fine |
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Saturday, 09 July 2005 |
HUD ANNOUNCES $3.2 MILLION SETTLEMENT AGAINST KB HOME MORTGAGE COMPANY
Largest settlement in history of Mortgagee Review Board (HUD Press Release)
Washington-- The Department of Housing and Urban Development today announced it has reached a $3.2 million settlement with KB Home Mortgage Company in connection with a series of alleged violations of HUD requirements. The $3.2 million is the largest amount ever collected in the 30-year history of HUD's Mortgagee Review Board (MRB), which takes administrative actions against FHA-approved lenders... "This settlement sends a strong message that FHA will not tolerate violations of its requirements, especially when they can cause homeowners to default on their mortgages."...
Associated Press: KB Home also agreed to beef up its quality assurance practices as part of the deal, HUD officials said. See: Associated Press Brief and HUD Press Release |
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Who Is Guarding the HUD Guards |
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Saturday, 02 July 2005 |
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Saturday, 02 July 2005 |
Six are indicted in mortgage scam
A Katy real estate broker remained at large Thursday after his indictment in connection with what federal prosecutors said was a multimillion-dollar mortgage fraud scheme... Arrested Wednesday and freed on $50,000 bail were James Turner, 51; Michael McKelvey, 52; Gerald Scott, 54; and Johnny Hill, 58, all of Houston. In custody pending a Tuesday detention hearing was Cynthia Eneanya, 33, of Katy. |
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More Troubles for Tremont Homes |
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Saturday, 02 July 2005 |
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Not quite lemonade, but at least some conciliation
“You’re simply not going to see companies like this remain in the Better Business Bureau,” said BBB spokeswoman Kim Lawrence of Tremont Homes, Stature Construction and several other listings involving the same principals...“They’ve got 14 or 16 corporations, but in our eyes they are still one member,” she said. |
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