Mortgage, Real Estate, Residential, US Real Estate

California “Gang of 7” Facing Indictments for Mortgage Fraud

By Anita Cooper | July 21, 2011
The FBI has charged 7 real estate professionals with conspiracy to commit wire fraud. A federal grand jury indicted licensed real estate agents, Moctezuma Tovar, 42; Manuel Herrera, 31; Ruben Rodriguez, 34; and Jaime Mayorga, 32, and former loan processors Sandra Hermosillo, 49, Jun Michael Dirain, 38, and Christian Parada Renteria, 35 on July 14, […]
Mortgage, Real Estate, US Real Estate

US Banks Are Still Robo-Signing

By Allison Halliday | July 19, 2011
In March the major mortgage lenders in the US said they would stop dodgy foreclosure proceedings which caused such scandals last year, but according to a Reuters investigation many are still continuing to use techniques such as robo-signing. Their investigation has found that many loan providers are continuing to file foreclosure documents that have been […]
Mortgage, Real Estate, US Real Estate

Short Sale Fraud Spiraling Out Of Control, Say Investigators

By Mike Wheatley | July 18, 2011
Investigators say that short sale fraud is running rampant in the US right now, plaguing markets and seriously impacting on mortgage lenders, who are missing out on thousands of dollars due to the problem.   One of the most common real estate scams in short sales is for investors to make a lowball offer on […]
Mortgage, Real Estate, Residential, US Real Estate

Report Shows One Million Foreclosures To Be Delayed Until 2012

By Mike Wheatley | July 15, 2011
A new report from RealtyTrac suggests that around one million foreclosure notices expected to be filed by mortgage lenders in 2011 will be delayed until the following year – a boon for homeowners who will gain extra time to catch up with their mortgage repayments and avoid losing their homes.   However, it might not […]
Mortgage, Real Estate, Residential, US Real Estate

Top Ten Best Performing Markets Revealed

By Mike Wheatley | July 12, 2011
The ten top-performing major housing markets are all expected to show continued improvement over the first six months of 2011, and five of them are even being forecast to show gains, although these will be modest, according to the latest Home Data Index by Clear Capital.   Despite the fact that home prices in major […]
Mortgage, Real Estate, US Real Estate

Credit Unions Enter Mortgage Market

By Allison Halliday | July 11, 2011
Traditionally credit unions have been used for lines of credit and car loans, but now they are entering the mortgage market. Although their rates are not amazingly competitive, they do have the advantage of being able to offer lower fees and more flexible terms. Some have quite relaxed membership rules, so that this source of […]
Mortgage, Real Estate, US Real Estate

Corrupt Mortgage Exec. Lee Farkas Jailed For 30 Years

By Mike Wheatley | July 4, 2011
A man labelled as the mastermind behind one of the biggest ever mortgage lender fraud schemes was jailed for 30 years last week. The case of Lee B. Farkas, who was the chairman of the Taylor, Bean & Whitaker mortgage firm, represents the largest prosecution so far relating to the financial crisis which began in […]
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