WHAT: The FBI’s annual report on mortgage fraud said that even in today’s depressed housing market, fraudulent home financing remains prevalent, with perpetrators motivated by high profits and little risk of getting caught.
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WHAT: Federal prosecutors in Manhattan announced they had dismantled a $58 million mortgage-fraud scheme run from a Long Island-based brokerage firm, First Class Equities.
WHO: The 14 suspects being charged include real estate attorneys, title closers, appraisers and phony homebuyers. The scam involved more than 100 properties in New York and Florida between 2004 and 2009.
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There is one source of stimulus that the Republicans should propose to the public. Not only could it juice current economic activity, it could also bring the housing crisis to a quick and merciful end.
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WHAT: Kendra and Todd Parker of Little Rock, Ark., are being foreclosed upon, but they can prove they made every mortgage payment.HOW: Their local bank didn’t tell them their loan had been sold. The Parkers sent their first payment check to the bank, which lost it.WHY: Once that first payment was missing for 90 days, the Parkers’ new mortgage company declared the account delinquent and automatically stopped accepting payments.
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WHAT: “Fraud,” “negligence” and “recklessness” are some of the words thrown around by the U.S. Senate Permanent Subcommittee on Investigations in its Tuesday report about Washington Mutual’s mortgage lending and repackaging practices. One Federal Deposit Insurance Corp.
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Imagine that you are back at the height of the housing boom and a banker makes you an offer: You can get the big, beautiful home you’ve always wanted, and during the next four years your monthly budget will easily cover the cost of your mortgage.
What he doesn’t tell you is that he’s offering you a balloon loan, and the entire balance will suddenly come due in the fifth year.
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