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Mortgage Fraud News
Sunday, 18 December 2005 |
A neighborhood crime that alarms can't prevent Neighborhoods in North Texas are facing a quiet crime wave that yields millions in illegal profits for unscrupulous real estate insiders.Mortgage fraud scams can leave homeowners with hyper-inflated home values and higher property taxes while houses are left empty and go to seed before defrauded banks foreclose. |
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Sunday, 18 December 2005 |
Neighbors suspect scam in home sales Alan Baugh's curiosity was piqued when the one-story, four-bedroom, three-bath home down the street sold quickly for far more than he thought it was worth..."In my mind, this is organized crime â with buyers, sellers and real estate professionals all cooperating with each other," said Mr. Baugh, a mortgage banker. |
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Kickbacks Illegal Referral-fee Schemes Prosecuted |
Sunday, 04 December 2005 |
Referral kickbacks take a bruising The federal government has mounted its most aggressive campaign in decades to stamp out illegal referral-fee schemes... Congress conducted hearings and found that consumers across the country were being misled and harmed â steered to what were often higher-cost settlement and mortgage companies â solely because of backdoor payoffs among real-estate, lending, title insurance and other companies. The message to the industry should be equally clear," Montgomery said. "We will not only investigate those who give, but those who receive kickbacks."...Maybe the word finally will get out: Real-estate referral kickbacks are bad for consumers. They violate federal law, invite big financial penalties and could lead to jail time. |
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Jury awards $11.5 million for loan fraud |
Friday, 02 December 2005 |
Texas jury rules against Ocwen A jury in Galveston, Texas, has awarded $11.5 million to a customer of Ocwen Financial Corp. and its former Ocwen Federal Bank subsidiary, after determining they committed fraud in servicing her home equity loan. |
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Monday, 31 October 2005 |
NBC NEWS - Mortgage Fraud WASHINGTON - In Detroit this week, the FBI arrested 20 people and charged them with bilking financial institutions out of $10 million. It was a mortgage fraud scheme that the FBI says has become all too common with the countryâs explosion in home values â and itâs not just the banks that are getting taken. |
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USA Today - Mortgage Fraud |
Wednesday, 12 October 2005 |
Fraud booms with mortgage market "Criminals are opportunists," says William Matthews, co-author of a recent report on mortgage fraud by the Mortgage Asset Research Institute. "If you've got a booming market, they're going to get away with more fraud."...Lenders last year reported to the FBI 17,000 suspected incidents of mortgage fraud, and the FBI's cases have grown from 534 in 2004 to 642 in the first half of 2005. At the IRS, criminal investigations of mortgage fraud from 2001 to 2004 have nearly doubled to 194 cases. |
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Attention:Texas Attorney General Investigating Washington Mutual |
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 |
Sunday, 09 October 2005 |
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 |
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 |
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. Dominionâs 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 |
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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