By Mike Colpitts An insurance policy that protects homeowners against loss in their home’s value debuts in one of the hardest hit real estate states this week as a hedge against falling prices. The first home insurance policies are being written in Ohio for owner occupied homeowners as Home Value Insurance Company launches its program,… Continue reading Real Estate Insurance Debuts Against Falling Prices
Category: News
Guilty Plea in Condo Fraud Scheme
By Kevin Chiu A Las Vegas man has pleaded guilty for his role in a scheme to gain control of a condominium owners association and illegally direct business to a law firm and construction business. Steven Wark, 54, admitted that he operated a fraud scheme for nearly six years starting in May 2005, in which… Continue reading Guilty Plea in Condo Fraud Scheme
U.S. Government Files Lawsuits Against 17 Banks
By Mike Colpitts The U.S. government has taken major actions against banks and mortgage companies in the fallout of the real estate crash seeking more than $105-billion in damages from mortgage lenders. The federal agency started by the Obama administration to right the wrongs of the real estate and financial crises, the Federal Housing Finance… Continue reading U.S. Government Files Lawsuits Against 17 Banks
Mortgage Modification Scam Nets $3 Million
By Mike Colpitts Four men have been charged in a mortgage modification scam in which they guaranteed modifications to thousands of homeowners through the federal Home Affordable Modification Program (HAMP) and allegedly collected illegal fees up front, amounting to more than $3-million. The four promised homeowners they would be able to stay in their homes.… Continue reading Mortgage Modification Scam Nets $3 Million
Mortgage Lender Agent Licensing Mandatory
By Mike Colpitts As a result of the unethical and illegal lending practices that helped produce the mortgage meltdown and real estate collapse, Congress enacted the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) in 2008 as part of the Dodd-Frank financial reform. The federal law mandating mortgage agent licensing goes into effect… Continue reading Mortgage Lender Agent Licensing Mandatory
Man Convicted in Real Estate Ponzi Scheme
By Mike Colpitts A federal jury has convicted a Colorado man on felony charges related to running a $30 million real estate Ponzi scheme after his son pled guilty to being a partner in the crime spree. Philip R. Lochmiller, Sr. was found guilty of money laundering, mail fraud charges and conspiracy in U.S. District… Continue reading Man Convicted in Real Estate Ponzi Scheme
PMI Offers Money to Homeowners
By Mike Colpitts One of the nation’s largest mortgage insurers is offering cash money to upside down homeowners at risk of losing their homes to foreclosure. PMI Group, Inc. is launching the innovative program with a former Goldman Sachs Banker, who started the program in an effort to get troubled homeowners to stay in their… Continue reading PMI Offers Money to Homeowners
Sheila Bair Exits FDIC with Warning
By Kevin Chiu Completing her term as the head of the Federal Deposit Insurance Corp. (FDIC) with a last appearance on Capitol Hill, Sheila Bair warned a Washington, D.C. audience to be aware that the financial crisis is rooted in real estate, which is blocking an economic recovery from developing. “The fact that so many… Continue reading Sheila Bair Exits FDIC with Warning
Ozzy Osbourne Rocks to New Home
The Prince of Darkness, rocker Ozzy Osbourne has listed his home on the market for sale in the Hidden Hills area of Los Angeles for nearly $13-million. The former lead singer of Black Sabbath has been a hard rock star for almost 40 years, and until recently appeared in a MTV television reality series featuring… Continue reading Ozzy Osbourne Rocks to New Home
Real Estate Investors Plead Guilty to Auction Bid Rigging
By Mike Colpitts Eight San Francisco Bay Area real estate investors have agreed to plead guilty for their roles in a conspiracy to rig bids at public real estate foreclosure auctions in Northern California, according to the Department of Justice. The real estate investors took part in conspiracies to rig bids by agreeing to refrain… Continue reading Real Estate Investors Plead Guilty to Auction Bid Rigging