Monday, 31 July 2006 |
Mortgage Company Owner Charged in Massive Fraud Case
24 people face charges in an identity theft ring where some participants, including a mortgage company owner, were involved in a mortgage fraud scheme on 180 properties. The fraud scheme may end up costing mortgage lenders as much as $11 million. Philadelphia prosecutors allege that of the group of 24 involved, 10 people led by Allen Smith were charged with aggravated identity theft and bank fraud for using the personal information of hundreds of Commerce Bank, M&T Bank, PNC Bank, and Wachovia Bank customers. |
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BBB Real Estate Fraud Alert |
Wednesday, 26 July 2006 |
Real Estate Fraud
As home prices and interest rates rise--- so does real estate fraud. The Better Business Bureau today issued an international alert to help combat the growing incidences of real estate fraud. Real estate fraud is a losing proposition. In most cases the mortgage industry is being cheated out of money by fraudsters using inflated appraisals and property values, and placing bogus documents into public record. |
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Mortgage Fraud - Michigan one of ten hot spots |
Monday, 24 July 2006 |
Homeowners get mortgage fraud alert
While it may seem an unlikely threat, mortgage fraud was a $26 million problem in Michigan last year, up from $9 million in 2003. Seven new OFIS field examiners have joined six others to investigate the crime. The FBI underlined the problem in Michigan last year when it identified the state as among 10 hot spots for mortgage and deed fraud. |
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HUD settles kickback case |
Sunday, 23 July 2006 |
Builders MDC, WL Homes and lender to pay $1.6 million
In the first enforcement action of its kind, HUD settled with two home builders and a national mortgage lender for $1.6 million for their role in an illegal kickback scheme...Additional HUD settlements could be announced in the coming months because more than 50 firms - including KB Home, Shea Homes, Pulte Homes, Beazer Homes and Meritage Homes - participated in the arrangements. Banks involved include Wells Fargo, Bank of America and Citifinancial. |
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Fannie Mae concerns raised by Federal Housing Enterprise Oversight |
Saturday, 15 July 2006 |
Fannie Mae to suspend construction lending program
Fannie Mae (FNM) said Thursday it has agreed to suspend its acquisition, development, and construction lending program because of concerns raised by its safety and soundness regulator, the Office of Federal Housing Enterprise Oversight...The mortgage finance giant is recovering from a $10.6 billion accounting scandal and recently paid a $400 million fine to federal regulators because of its internal lapses. |
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You don't have to roll over and play dead. |
Tuesday, 27 June 2006 |
You can't be forced to use builder's lender
One of the federal government's top housing officials has this practical advice for anyone negotiating with a builder to buy a new house: You can always say no.When the builder dangles thousands of dollars of ``free'' upgrades or closing cost discounts in front of you if you'll agree to use the builder's affiliated mortgage lender -- and threatens to withhold those incentives if you get your loan elsewhere -- you don't have to roll over and play dead. |
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Tuesday, 27 June 2006 |
Home Builder "Incentives" to Buyers Under Federal Scrutiny
Have you ever wondered how home builders can offer such generous incentives -- thousands of dollars worth of upgrades, closing cost contributions and other financial goodies -- provided buyers agree to use the builder's affiliated or controlled mortgage company? Are these come-ons legit? ...HUD's Real Estate Settlement Procedures Act (RESPA) investigative staff is interested in possible violations of federal rules in the builder-incentives field. |
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Beware of Builder Incentives - Just say no |
Monday, 26 June 2006 |
Just say no to builder incentives with strings attached
One of the federal government's top housing officials has this practical advice for anyone negotiating with a builder to buy a new house: You can always say no...But federal real-estate settlement rules "require that these incentives be legitimate and not built into the price of the house or the cost of the loan." In other words, builders cannot tempt you with illusory benefits â alleged discounts that you're actually paying for somewhere else in the deal. |
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MSN Real Estate - Don't hand your house to a thief |
Saturday, 17 June 2006 |
Don't hand your house to a thief
Mortgage scams are like Baskin-Robbins offerings -- they come in 31 flavors. Here are three top choices of con artists and how to avoid them
If owning a home is the great American dream, then swindling people out of their prized possession is one of the great, lucrative American scams. Mortgage fraud is on the rise, thanks to the tremendous value that's locked up in real estate today and to the increasing number of people who are struggling to pay their mortgages. |
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Builder Online - Fannie Mae fined between $300 million & $500 million |
Wednesday, 24 May 2006 |
Fannie Mae to Pay Large Fine in Settlement Embattled mortgage giant Fannie Mae is being fined between $300 million and $500 million for the alleged manipulation of accounting so that executives could collect millions in bonuses, according to a person familiar with the settlement . The deal with the Office of Federal Housing Enterprise Oversight and the Securities and Exchange Commission was being announced Tuesday as the government-sponsored company struggles to emerge from an $11 billion accounting scandal. |
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Mobile Homes Foreclosures Soar |
Sunday, 02 April 2006 |
Ownership dreams take a bitter turn ... 67 percent of mobile homes have been foreclosed on since 2001, according to data from Foreclosure Information & Listing Service in The Woodlands...The U.S. Department of Housing and Urban Development, which backed many of the mortgages on the homes, has subpoenaed the attorney representing the homeowners for loan files and other documents related to the case. The FBI is also aware of the situation, but representatives from the agencies would not confirm or deny an investigation. |
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