Mortgage fraud, regarded as one of three main triggers of the housing crisis is still emerging with recklessness. “The fraud has by no means gone away,” said Merle Sharick of the Mortgage Asset Research Institute (MARI). Mortgage fraud perpetrated by industry insiders accounts for 80 percent of all reported mortgage fraud losses, according to the… Continue reading Mortgage Fraud Still Booms
Category: Economic Crisis
Walk Away Homeowners Increase Foreclosures
The social stigma associated with defaulting on a mortgage seems to be disappearing as the nation’s housing crisis escalates. More homeowners are choosing to freely walk-away from their homes as the values plummet. New York University Economist Nouriel Roubini was one of the first to warn of the dangers from a major real estate boom,… Continue reading Walk Away Homeowners Increase Foreclosures
Robbed by the Bank in the U.S. Savings and Loan Scandal
By Leigh Neely It was 1986, the height of the U.S. Savings and Loan Fraud Scandal, and one of the worst years of my life. President Reagan was in office, and his trickle-down economy was getting worse every day. The trickle that had been coming to my house suddenly dried up, and my husband’s business… Continue reading Robbed by the Bank in the U.S. Savings and Loan Scandal
Growing Housing Crisis Reaches 47 States
Propelled by falling consumer confidence, little government intervention, an epidemic of record breaking foreclosures, and growing unemployment the long forecast real estate recession has devoured 47 states leaving them with faltering economies. By and large, the only areas remaining with forecast appreciation in 2008 are local real estate markets that did not experience major booms… Continue reading Growing Housing Crisis Reaches 47 States
Lenders Go Bankrupt as Pigs Get Slaughtered
The Inside Buzzzz Pigs Get Slaughtered as Lenders Go Bankrupt By Tony Evans Of the top 40 mortgage lenders, eight went bankrupt in 2007. So far this year just in California, Attorney General Jerry Brown has shut down seven bait-and-switch mortgage companies, including Lifetime Financial. Brown also has the name, address and phone numbers of… Continue reading Lenders Go Bankrupt as Pigs Get Slaughtered
Buyers Get Relief from Swamp Land Law
by Robert Jones A long forgotten law passed in the late 1960s to protect out-of-state buyers from investing in worthless Florida swamp land, the Interstate Land Sales Full Disclosure Act (ILSA) is now being tested as a way to get condo buyers out of their contracts. The act requires developers building 100 or more units… Continue reading Buyers Get Relief from Swamp Land Law
Finding a Lifesaver in Foreclosure
By Tony Evans Fasten your seat belts folks, its going to be a “white-knuckle” flight for a couple paragraphs, then some blues skies and green lights. Chicken Little may be right. H & R Block is unloading Option One Mortgage and its $53 billion sub-prime garbage. Insiders are lamenting that after Bear Stearns cut the… Continue reading Finding a Lifesaver in Foreclosure
Make Money on Investment Property
Bust or Boom How to Make Money on Investment Property By J .M. Buck Here’s a scenario that most of us have encountered: You are in your car miles from nowhere. Driving across an endless rural landscape pocked by random truck stops and the occasional ramshackle trailer court, you catch out of the corner of… Continue reading Make Money on Investment Property
Mortgage Companies Like Vultures
The Inside Buzzzzzz “LIKE VULTURES FLYING LAZY CIRCLES” . . . . By Tony Evans Many years as a mortgage banking consultant and author of a book on manufactured home financing should qualify me to offer information, suggestions, ideas and solutions to the problems we face today. If not, please no criticism, I’m very… Continue reading Mortgage Companies Like Vultures
Get More Inside Buzzzz
Get More Inside Buzzzz by Tony Evan Are these People Nuts? Have banks lost their minds helping cities out of bankruptcy? Published June 1, 2008 The Credit Card Hustle If you havent checked your credit card statement lately, you should do it right away. Banks are sneaking in rate increases. Published May 20, 2008 Getting… Continue reading Get More Inside Buzzzz