Illegal Foreclosures Charged in Investigation

Members of Congress are fed up with bankers and Fannie Mae and they’re letting them know it. In a letter signed by three Democrats, including the leader of the banking over-sight committee chairman Barney Frank, lawmakers complained to Fannie Mae for retaining lawyers who run “foreclosure mills” that are being investigated for illegally foreclosing on… Continue reading Illegal Foreclosures Charged in Investigation

Housing Resale Fees Next Wall Street Rip-Off

A coalition of real estate related companies have launched an effort to stop a 1% home resale fee added to some new home developments being offered by a Manhattan based financial firm by sending a letter to U.S. Treasury Secretary Tim Geithner. The effort was revealed during a news conference with reporters, which included the… Continue reading Housing Resale Fees Next Wall Street Rip-Off

Mortgage Loan Fraud Declines

By Kevin Chiu Mortgage loan fraud has declined 25% since its peak in 2007, according to a survey conducted by Core Logic, a real estate research firm that monitors more than 3,000 local U.S. housing markets. The study was released on the heels of the largest Justice Department crackdown in history on perpetrators of mortgage… Continue reading Mortgage Loan Fraud Declines

Bank of America Charged in Home Loan Scheme

By Kevin Chiu A massive class action lawsuit has been filed against Bank of America by the Texas Housing Justice League, representing 15 mortgage holders charging the nation’s biggest bank with “a systematic home loan servicing scheme.” The lawsuit by the Texas Housing Justice League (THJL), a nonprofit may eventually involve thousands of Texas mortgage… Continue reading Bank of America Charged in Home Loan Scheme