Father, son charged with fraud in South Bend
For more: http://bit.ly/9MAbKM
Federal prosecutors have charged a father and son with running a mortgage fraud scheme that preyed upon the naiveté of immigrants who were looking to become real estate investors in South Bend.
Saturday, October 16, 2010
Connecticut Man Sentenced for Role in Mortgage Fraud Scheme
For more: http://bit.ly/byl1QA
John Jackson, 42, of Hamden, was sentenced today by United States District Judge Christopher F Droney in Hartford to six months of home confinement and two years of probation for participating in a mortgage fraud scheme. Judge Droney also ordered Jackson to pay restitution in the amount of $100,000.
For more: http://bit.ly/byl1QA
John Jackson, 42, of Hamden, was sentenced today by United States District Judge Christopher F Droney in Hartford to six months of home confinement and two years of probation for participating in a mortgage fraud scheme. Judge Droney also ordered Jackson to pay restitution in the amount of $100,000.
Avoid Foreclosure Market Until the Dust Settles
For more: http://nyti.ms/8ZrE8w
For years, Todd Phelps and Paul Whitehead had been living in a rent-controlled apartment in Santa Monica and waiting out the housing bubble in hopes of buying a weekend getaway in the Palm Springs area. And on Sept. 10, they thought they had finally done it, getting a house for $137,000.
For more: http://nyti.ms/8ZrE8w
For years, Todd Phelps and Paul Whitehead had been living in a rent-controlled apartment in Santa Monica and waiting out the housing bubble in hopes of buying a weekend getaway in the Palm Springs area. And on Sept. 10, they thought they had finally done it, getting a house for $137,000.
Foreclosure Mess Draws in the Lawyers Who Handled Them
For more: http://nyti.ms/aOamWq
With the rash of foreclosures across the country in recent years, many lawyers have specialized in the lucrative business of handling cases for banks and loan servicers. And now that flaws are being acknowledged by big lenders in the processing of foreclosures, some of these lawyers are finding themselves in the cross hairs of investigators — and scorned by their former clients.
For more: http://nyti.ms/aOamWq
With the rash of foreclosures across the country in recent years, many lawyers have specialized in the lucrative business of handling cases for banks and loan servicers. And now that flaws are being acknowledged by big lenders in the processing of foreclosures, some of these lawyers are finding themselves in the cross hairs of investigators — and scorned by their former clients.
NYT Opinion: Giving Foreclosures Closer Scrutiny
For more: http://nyti.ms/auaoU4
It isn’t surprising that in GMAC Mortgage’s rush to foreclose, it failed to do its due diligence. If the scrutiny of the banking industry after the start of the current financial crisis told us anything, it is that any trust we may have in the responsible behavior of the banking industry is folly.
For more: http://nyti.ms/auaoU4
It isn’t surprising that in GMAC Mortgage’s rush to foreclose, it failed to do its due diligence. If the scrutiny of the banking industry after the start of the current financial crisis told us anything, it is that any trust we may have in the responsible behavior of the banking industry is folly.
Lending Magnate Settles Fraud Case
For more: http://nyti.ms/bXFjCB
Angelo R. Mozilo, the former chief executive of Countrywide Financial, once the nation’s largest mortgage lender, agreed to pay $67.5 million on Friday to settle a civil fraud case brought by the Securities and Exchange Commission last year.
For more: http://nyti.ms/bXFjCB
Angelo R. Mozilo, the former chief executive of Countrywide Financial, once the nation’s largest mortgage lender, agreed to pay $67.5 million on Friday to settle a civil fraud case brought by the Securities and Exchange Commission last year.
Friday, October 15, 2010
Mortgage Mess May Cost Big Banks Billions
For more: http://nyti.ms/diFs2w
“I don’t see how it can be cleared up in a short period of time,” said Richard X. Bove, an analyst with Rochdale Securities. “The moratorium won’t last that long but the problem will last at least four or five years, maybe a decade.” In the short term, he said, “it could easily cost $1.5 billion per quarter.”
For more: http://nyti.ms/diFs2w
“I don’t see how it can be cleared up in a short period of time,” said Richard X. Bove, an analyst with Rochdale Securities. “The moratorium won’t last that long but the problem will last at least four or five years, maybe a decade.” In the short term, he said, “it could easily cost $1.5 billion per quarter.”
Settlement May Be Near in Countrywide Case
For more: http://nyti.ms/b24PFh
Countrywide’s fall was as spectacular as its rise. After nearly collapsing into bankruptcy as its financing dried up, the company was acquired by Bank of America in 2008. It later agreed to pay $108 million to settle federal civil charges that it overcharged customers. And in August, the company agreed to pay $600 million to settle shareholder lawsuits over its mortgage losses.
For more: http://nyti.ms/b24PFh
Countrywide’s fall was as spectacular as its rise. After nearly collapsing into bankruptcy as its financing dried up, the company was acquired by Bank of America in 2008. It later agreed to pay $108 million to settle federal civil charges that it overcharged customers. And in August, the company agreed to pay $600 million to settle shareholder lawsuits over its mortgage losses.
NYT Editorial: The Foreclosure Crises
For more: http://nyti.ms/bZian8
There is plenty to worry about. But amid all this roiling, neither Congress nor the administration has found a way to address an even more fundamental problem: What government and banks need to do to finally stanch the flood of foreclosures wreaking havoc on the lives of millions of Americans and threatening the recovery.
For more: http://nyti.ms/bZian8
There is plenty to worry about. But amid all this roiling, neither Congress nor the administration has found a way to address an even more fundamental problem: What government and banks need to do to finally stanch the flood of foreclosures wreaking havoc on the lives of millions of Americans and threatening the recovery.
Maine House set off National Foreclosure Freeze
For more: http://nyti.ms/dkdMhn
The house that set off the national furor over faulty foreclosures is blue-gray and weathered. The porch is piled with furniture and knickknacks awaiting the next yard sale. In the driveway is a busted pickup truck. No one who lives there is going anywhere anytime soon.
For more: http://nyti.ms/dkdMhn
The house that set off the national furor over faulty foreclosures is blue-gray and weathered. The porch is piled with furniture and knickknacks awaiting the next yard sale. In the driveway is a busted pickup truck. No one who lives there is going anywhere anytime soon.
Thursday, October 14, 2010
FBI Reports a Nationwide Increase in Mortgage Fraud Investigations
For more: http://bit.ly/cuwFpf
The FBI report draws attention to one type of fraud that has grown considerably since the bubble burst: borrowers on the brink of foreclosure who hope to avail themselves of financial assistance related to federal stimulus legislation.
For more: http://bit.ly/cuwFpf
The FBI report draws attention to one type of fraud that has grown considerably since the bubble burst: borrowers on the brink of foreclosure who hope to avail themselves of financial assistance related to federal stimulus legislation.
Foreclosure Process : What Happens after Foreclosure
For more: http://bit.ly/ar6sLn
A lot of people are wondering what happens after foreclosure. Although you may be inclined to think of anything negative, such as having to leave your home or your property for good, this is not always the scenario. It is very much possible for you to redeem your home, especially if you currently reside in specific states.
For more: http://bit.ly/ar6sLn
A lot of people are wondering what happens after foreclosure. Although you may be inclined to think of anything negative, such as having to leave your home or your property for good, this is not always the scenario. It is very much possible for you to redeem your home, especially if you currently reside in specific states.
Mortgage broker fined, sentenced
For more: http://bit.ly/aKDrlb
The 188-month sentence is a clear sign that those responsible for mortgage fraud are being held accountable, Robert O’Neill, United States Attorney for the Middle District of Florida, said in a press statement.
For more: http://bit.ly/aKDrlb
The 188-month sentence is a clear sign that those responsible for mortgage fraud are being held accountable, Robert O’Neill, United States Attorney for the Middle District of Florida, said in a press statement.
Kentucky, Indiana join foreclosure fraud investigation
For more: http://bit.ly/d2pska
Kentucky and Indiana have joined the other 48 states in a coordinated investigation of foreclosure fraud, attorneys general for the two states announced Wednesday.
For more: http://bit.ly/d2pska
Kentucky and Indiana have joined the other 48 states in a coordinated investigation of foreclosure fraud, attorneys general for the two states announced Wednesday.
Chase Acts to Broaden Foreclosure Reviews
For more: http://nyti.ms/cHU85U
On the same day that all 50 state attorneys general announced that they would investigate foreclosure practices, JPMorgan Chase & Company became the first big lender to acknowledge that it had stopped using Mortgage Electronic Registration Systems, or MERS, for foreclosures. This bank-owned registry, which eliminates the need to record changes in property ownership in local land records, has been criticized for sloppy practices.
For more: http://nyti.ms/cHU85U
On the same day that all 50 state attorneys general announced that they would investigate foreclosure practices, JPMorgan Chase & Company became the first big lender to acknowledge that it had stopped using Mortgage Electronic Registration Systems, or MERS, for foreclosures. This bank-owned registry, which eliminates the need to record changes in property ownership in local land records, has been criticized for sloppy practices.
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