Mortgage Fraud Still Rampant – Forbes
If President Obama is serious about forming a new unit to prosecute financial and mortgage crimes, the first place he should look is at operators who are fleecing desperate homeowners. Scams that target these down-on-their-luck folks are rampant.
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More Mortgage Stuff:
Citigroup has agreed to pay $158.3 million to settle claims that its mortgage unit duped the U.S. government into insuring risky mortgage loans for over six years. The government said Wednesday that Citi Mortgage certified 30,000 mortgages for … Go to Source…
BusinessWire – Fitch Ratings has downgraded five classes of notes issued by Fort Point CDO I, Ltd.(Fort Point). These rating actions are the result of severe credit deterioration among 2004, 2005, and 2006 vintage residential mortgage-backed … Go to Source…
Real estate investment trust National Health Investors said Monday it … 24-unit Minnesota assisted living facility with Suite Living Senior Specialty Services and the origination of a $3 million second mortgage secured by interests in three skilled … Go to Source…
Bank of America’s (BAC) fourth-quarter earnings report showed the bank continuing to wrestle with mortgage-related headaches. First take, things look good. Bank of America’s mortgage banking unit earned $2.12 billion, versus an estimate of a … Go to Source…
Freddie Mac has named Ross Kari as its new chief financial officer. Kari joins the government-controlled mortgage finance company from Fifth Third Bancorp, where he had been CFO. Freddie Mac has named Ross Kari as its new chief financial officer … Go to Source…
TRENTON, N.J. — State officials say the owner of several loan modification companies in New Jersey has agreed to pay $805,000 to settle charges that he defrauded struggling homeowners. Attorney General Paula Dow says Stephen Pasch also agreed to stay out … Go to Source…
U.S. Attorney General Eric Holder Friday announced the formation of a task force focused on probing residential mortgage-backed securities following President Barack Obama’s call for a unit to probe the finance industry’s conduct leading up to … Go to Source…
The Arizona Attorney General’s office will create a six-person mortgage fraud investigation and prosecution unit using a $1.7 million federal grant. Attorney General Terry Goddard says the unit will allow … Go to Source…
THE mortgage business is moribund. New loans are down. New foreclosures are up. But why let a little sorry news get in the way of a good party? Last week, almost 3,000 people descended on the Hyatt Regency in Chicago for the 98th annual … Go to Source…
Recently, the Mortgage Banker’s Association released a report that echoed findings by the Mortgage Asset Research Institute describing three of the most recent mortgage fraud schemes rising in the ranks in terms of popularity. Know what these are and watch for them. 1. Foreclosure Prevention Schemes Foreclosure prevention schemes typically involve some sort of self-proclaimed foreclosure specialis…
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