Mortgage Information

Bipartisan legislation that includes $490 million over the next two years slated for mortgage fraud detection and prosecution was approved yesterday 338-52.

Excerpted from:
House Approved $490 Million to Fight Fraud

Three men and a woman have been accused of running a multimillion-dollar mortgage fraud scheme involving about 300 homes in one city.

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Massive Fraud in One City

Two sisters have been sentenced in a mortgage fraud scheme that cost taxpayer’s $3 million. Meanwhile, a husband and daughter await trial for their alleged roles.

Original post:
Family Sentencing Ensues: More Details

The parent company of a North Carolina lender entered a settlement agreement with the North Carolina Office of the Commissioner of Banks for violating the Department of Housing and Urban Development’s down payment assistance regulations on FHA-insured loans.

Excerpted from:
Settlement Reached in HUD Violation Case

… Survey System on November 15. When asked about the ‘unfavorable influence of the U.S. sub-prime mortgage crisis on China’s economy,’ the survey shows that 57.4% of the entrepreneurs said the …

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57.4% of entrepreneurs believe financial crisis has huge impact on China

… of the real estate boom, lenders paid mortgage brokers as much as $15,000 or more … And they are part of nearly all subprime mortgages, noted David Leen, a Seattle lawyer …

More here:
Subprime mortgage ‘rip off’ has legit roots

… loss in housing wealth, because the FHFA measure excludes properties financed with jumbo and subprime mortgages, both of which have declined by more in value. Taken together, such wealth losses …

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Perfect US consumer storm until mid-2009 - long period of convalescence to follow; Germany proposes ‘130bn EU stimulus

… biggest part of the foreclosure problem — subprime lending. The News writes that the plan … affect a very small part of the mortgage market,” but more than 40,000 or one …

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Focused plan targets subprime foreclosures

… 15% now, as the interest rate on mortgages and consumer debt is resetting at higher … Officers’ Survey suggests: It is spreading from sub-prime to near prime to prime mortgages and …

Original post:
Twenty Reasons Why We’re Not Consuming

… As if they haven’t done enough damage. Thousands of subprime mortgage lenders and brokers—many of them the very sorts of firms that helped create the …

FHA-Backed Loans: The New Subprime