Scrambling to find a bottom, the U.S. real estate market is falling further and further in most areas of the country. Home prices nationally will deflate an average of more than 8% in 2008, according to the Housing Predictor forecast. The real estate crisis, triggered by an over supply of new creative financing programs and… Continue reading National Real Estate Prices Forecast to Deflate Further
Category: Mortgage Fraud
States Rip Off Foreclosure Victims
By Mike Colpitts Almost $1-billion targeted to victims of banking foreclosure fraud is being ripped off from foreclosure victims to be used to pay for other programs for states facing serious financial deficits. The nation’s largest five banks agreed to pay a $25 billion settlement as part of their agreement to settle allegations of illegal… Continue reading States Rip Off Foreclosure Victims
Mortgage Delinquencies Drop Two Straight Months
By Mike Colpitts Mortgage delinquencies fell for the second consecutive month in July and are down 11% for the last year, signaling a major improvement for the U.S. housing market, according to Lender Processing Services. Loans that are 30 days or more past due made up just 7.03% of home mortgages. The decline in late… Continue reading Mortgage Delinquencies Drop Two Straight Months
Trio Pays $5.3-Million in Refinancing Scam
By Ryan Jackson A mortgage broker and two owners of three nursing homes have agreed to pay $5.325-million to resolve allegations in a mortgage refinancing scam to the federal government. In exchange for the financial penalty, federal prosecutors will not pursue criminal charges against the trio. The settlement is part of the federal government’s crackdown… Continue reading Trio Pays $5.3-Million in Refinancing Scam
Mortgage Delinquencies Improve 20%
By Mike Colpitts Mortgage delinquencies have improved more than 20% since the height of the U.S. housing market downturn almost two years ago, according to data obtained from Lender Processing Services. Loan delinquencies declined to 7.14% in July, a drop from a record 9.37% of mortgages in October 2009 at the height of the collapse.… Continue reading Mortgage Delinquencies Improve 20%
Mexican Drug Money Fuels Cash Purchases
By Mike Colpitts Mexican drug cartels have slowly moved money out of banks and other hiding places and into U.S. real estate investments. Federal investigators are hunting for people investing billions of dollars of drug money in the U.S. real estate market, including huge sums of cash in Florida, Texas and California. Cash purchases fuel… Continue reading Mexican Drug Money Fuels Cash Purchases
SEC Halts $100 Million Real Estate Ponzi Scheme
By Ryan Jackson The Securities and Exchange Commission has charged a Utah man with operating a real estate Ponzi scheme that bilked investors out of $100 million throughout the U.S. and shut down the private hard money lending company. Wayne L. Palmer, 57, and his company, National Note of Utah in West Jordan have been… Continue reading SEC Halts $100 Million Real Estate Ponzi Scheme
Mortgage Company CFO Sentenced to 5 Years
By Ryan Jackson The former chief financial officer of one of the nation’s largest mortgage companies, Taylor, Bean and Whitaker, was sentenced to five years in federal prison for his role in a $2.9 billion fraud scheme that led to the failure of the company, and cost hundreds of investors millions of dollars. Delton de… Continue reading Mortgage Company CFO Sentenced to 5 Years
US Government Moves to Prevent Mortgage Fraud
By Mike Colpitts In an unprecedented move, the agency charged with overseeing the nation’s giant mortgage lenders is taking steps to halt mortgage fraud by the lenders it deals with. The action, by the Federal Housing Finance Agency, is the first of its kind since the financial crisis threw the U.S. economy into chaos. The… Continue reading US Government Moves to Prevent Mortgage Fraud
Former Police Officers in Group of 26 Pleading Guilty in Fraud Scheme
By Mike Colpitts Four retired Las Vegas police officers and two real estate agents are among a group of 26 people who have pled guilty to federal charges related to a major fraud scheme involving a dozen Nevada condominium complexes. Federal prosecutors say the conspiracy was bank rolled with more than $8 million funneled through… Continue reading Former Police Officers in Group of 26 Pleading Guilty in Fraud Scheme