May 2011

Newark Man Admits to Sexually Threatening Real Estate Agents

DELAWARE -(Source: Newark Advocate) – A Newark man admitted to making sexually threatening phone calls to Westerville-area Realtors.


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As Housing Goes, So Goes the Economy

(Source: The New York Times) – The Great Recession began with the bursting of the housing bubble. Today, nearly two years after the recession officially ended, the housing market is still in trouble.


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Troy Aikman’s Highland Park Mansion Tops Residential Real Estate Listings

(Source: Dallas News By Steve Brown) – Pricey properties are pretty much the norm in Highland Park, but one home just coming to the market stands out.


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Mortgage Fraud is Overdue Target for State Prosecutors

(Source: VC Star) – California homeowners and some former homeowners can take heart from this week’s announcement of a crackdown on mortgage fraud in the Golden State.


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Five Plead Guilty in $5.4 Million Bank Fraud

PHOENIX (Source: Wmicentral) – Five defendants pleaded guilty on Monday in federal court to defrauding banks out of $5.4 million in a conspiracy involving Surfside Boat Center, a high-end boat dealership in Mesa, Arizona, that is now defunct.


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Cummings Seeks Bank Subpoenas on Foreclosure Crisis

(Source: Baltimore Sun) – Baltimore Rep. Elijah E. Cummings on Wednesday requested that the House Oversight Committee issue subpoenas to six banks he said have refused to voluntarily provide documents detailing their role in the mortgage foreclosure meltdown.


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FDIC: 12 Percent of Banks at Risk of Failing

(Source: Third Age by Roberta Seldon) – Nearly 12 percent of FDIC-insured banks were at risk of failing in the first three months of 2011, the Associated Press reports. That number, the highest level seen in 18 years, is nearly [...]


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Cheat Sheet: A Run-Down Of All The Bank Investigations After The Financial Crisis

(Source: Business Insider Marian Wang) – As we and many others have noted, no top banking executives have been successfully prosecuted in connection with the financial crisis: Not for making the bad loans that fed the mortgage machine, not for [...]


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The Truth Behind Chrysler’s Fake Auto Bailout Pay Back

(Source: SFExaminer By: Conn Carroll) – It is not every day that the White House and Democratic National Committee  celebrate a supposedly private company’s debt restructuring plan, but such is the marriage of big government and big business under the [...]


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Is the For-Profit Education Industry Facing Armageddon?

(Source: The Motley Fool By Dan Radovsky) – Apollo Group with its University of Phoenix brand is the biggest player in the for-profit education industry. So it has the most to lose in what could be a life-or-death battle for [...]


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College Isn’t For Everyone

((Source: press-citizen by Beth Cody) -  May is graduation month, and parents are proud to see their high school students wearing caps and gowns.


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Mortgage-Only Defaulters May Be Safe Credit Risks

(By Julie Schmit, USA TODAY) – People who default on their mortgages — but no other debts — are not as risky as expected, according to a new study from credit monitor TransUnion.


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Calif. Creates Task Force to Probe Mortgage Fraud

(Source: Bloomberg By ALEX VEIGA) – California’s attorney general has formed a new task force to investigate mortgage fraud in the wake of practices that crushed the state’s housing industry and led to a wave of foreclosures.


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Carrington Mortgage Avoids Penalty in Ohio Lawsuit

(Source: Reuters) – Carrington Mortgage Services, one of the largest servicers of subprime home loans, on Monday said it has avoided penalties as it put an end to a lawsuit filed by the state of Ohio nearly two years ago.


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Florida Hardest-Hit Fund Offers Help for Homeowners in Hardship

(Source: Bradentonpatch By Wendy Herndon) – The “Foreclosure Crisis” is a current topic of real estate news, both nationally and locally, that rages on. Although we are seeing signs that the situation is stabilizing, we certainly still do have a [...]


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3 Lessons to Learn From Foreclosure

(Source: Newschannel5 By JR Hevron) – There are many lessons to learn about real estate and mortgages from the foreclosure crisis.


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JPMorgan, UBS to Face N.Y. Probe

(Source: Bloomberg By Karen Freifeld) – JPMorgan Chase & Co. (JPM), UBS AG (UBSN) and Deutsche Bank AG (DBK) are being investigated as part of New York Attorney General Eric Schneiderman’s expanded probe of mortgage securitization, according to a person [...]


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State Sues Auto Title Lender

(Source: Milwaukeenewsbuzz) – An auto title loan company based in Milwaukee misled customers when it sold them memberships for a Tennessee-based auto club, the office of Wisconsin Attorney General J.B. Van Hollen is alleging.


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Auto Refi Not a Savings Driver

(Source: By Susan Tompor, McClatchy-Tribune) – NewsCutting out a string of cafe lattes could easily save you $15 or $20 a month. So could cooking pasta instead of grilling a couple of nice steaks.


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Auto Sales Face a Rough Summer. Subprime Loans to the Rescue!

(Source: BNET By Matthew DeBord) – With LinkedIn’s (LNKD) gangbusters IPO, there’s a lot of talk about whether we are or aren’t experiencing a new tech bubble. The very concept scares people, as it evokes memories of Pets.com. But there [...]


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Quick-Fix Loans Can Cost a Fortune, But a Rates Cap May Not Be The Answer

(Source: The Independent By Chiara Cavaglieri) – Payday and other quick- fix loans may draw heavy criticism for sky-high interest rates and excessive fee structures, but they are proving popular with borrowers. New research from Moneysupermarket revealed that this month [...]


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Senate Passes Limited Payday-Lending Regulation Bills

(Source: Statesman By Laylan Copelin) – The Texas Senate on Monday approved two measures that would regulate the payday lending industry for the first time, without ending the industry’s controversial lending practices.


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Big Loan Bills Loom for More Grads

(Source: Buffalo News By Jay Rey) – Congratulations, class of 2011. Welcome to debt. That’s the reality for more and more college graduates, thousands of whom earned degrees from local schools over the past few weeks. Now, they face the [...]


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Student Loans on Taxpayers’ Tab

Source: USA Today) – Government-backed “no-doc” loans given to people with little regard to their ability to repay. Soaring default rates. Taxpayers on the hook for tens of billions of dollars.


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6 Ways to Pay Federal Student Loans

(Source: nasdaq by Cameron Huddleston) – College students graduating this spring are walking away with more than just a diploma. Many will have debt — and lots of it. The average debt at graduation was $24,000 in 2009, points out [...]


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Get Informed Before Taking Out Student Loans

(Source: The Republic By Chuck Myers) – Student loans remain one of the best methods to cover the cost of a higher education. But as Congress looks for ways to trim the federal deficit, the student loan system could face [...]


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US Mortgage Company Urges Plan for Principal Cuts

May 20 (Source: Reuters By Al Yoon) – American Home Mortgage Servicing, one of the largest subprime mortgage servicers, is urging the U.S. Treasury to organize a plan to boost principal reductions for up to 1 million homeowners by unlocking [...]


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Ohio Strikes Deal With Mortgage Carrier

(Source: Bizjournals) – Ohioans with subprime mortgages serviced by a California company might get more clarity and help following a deal struck with the Ohio Attorney General’s Office, Columbus Business First reported.


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Foreclosure Question: Stay Or Go?

(Source: by Rusty Collins) – staugustineA foreclosure summons is not a tornado warning…no need to jump in your bathtub and yank a mattress over your head.  It is simply a formal notification that legal actions is being taken against you…if [...]


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War on Crime Revs Up on Wall Street

NEW YORK (Source: TheStreet By Peter Morici) — These days the Justice Department and the Securities and Exchange Commission are investigating Wall Street using tactics, such as wire taps, usually reserved for professional criminals and terrorists.


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