May 2011

‘Soccer Dad’ Gets 2 1/2 Years for Fraud

(Source: Record, The; Bergen County, N.J. By Peter J Sampson) – A Saddle Brook “soccer dad” was sentenced Wednesday to 2 1/2 years in federal prison for diverting millions of dollars from clients of his payroll services company, including municipal [...]


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Judge: Insurer Not Responsible For Covering Bank’s Losses From Ponzi Scheme

May 19 (Source: The Hartford Courant, Connecticut By Edmund H. Mahony) – A Travelers subsidiary does not have to cover the losses of a Westport bank whose customers claim that the bank’s investment in Bernard L. Madoff’s Ponzi scheme cost [...]


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KEL Law Firm Banned From U.S. Bankruptcy Court

May 18 (Source: The Orlando Sentinel By Bianca Prieto) – A series of “missteps” and “lack of diligence” by a lawyer practicing with Kaufman, Englett and Lynd has prompted a United States Bankruptcy judge to bar the firm and the [...]


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McFadden Insolvent With Potential Debts of [Euro]100m

(Source: Irish Times By Mary Carolan) – FINANCIER NIALL McFadden is insolvent with potential liabilities of almost [euro]100 million and is facing bankruptcy proceedings in the UK by his largest creditor, Anglo Irish Bank, it emerged at the Commercial Court [...]


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Judge Sides With Homeowners in Foreclosure Suit

(Source: By Tom Harvey The Salt Lake Tribune) – U.S. District Judge Dee Benson left open a legal window Wednesday for two South Jordan residents facing the loss of their house, one of the first cracks in federal court for [...]


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Banks Must Give Single Contact For Troubled Homeowners – US Treasury

WASHINGTON (Source: Wall Street Journal) – Mortgage companies that participate in the Obama administration’s flagship loan assistance program will be required to provide homeowners with contact information for a bank employee who is responsible for their request for assistance.


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U.S. Consumer Bureau Releases Simpler Mortgage ‘Shopping’ Forms for Tests

(Source: Bloomberg By Carter Dougherty) – Americans applying for a mortgage would get a simplified, two-page “shopping sheet” from lenders under a proposal from the Consumer Financial Protection Bureau.


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Hong Kong May Ask Lenders to Set Aside More Reserves on Loan Default Risks

(Source: BloombergBy Sophie Leung) -  and Stephanie TongHong Kong Monetary Authority may ask some banks to set aside more reserves, the latest step by the Chinese city to curb credit growth and prevent loan defaults, after borrowing surged and mortgage [...]


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Live Wire: Payday Lenders Illegal in N.C.

(Source: FayObserver Catherine Pritchard) – Q: My cousin spent some serious money on interest on payday loans that she found over the Internet. But someone told me there was a lawsuit that gave people back some of the money they [...]


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Student Loans, Gov’t Pensions Eyed by Budgeteers

WASHINGTON (Source: AP Associated Press) — The White House and key lawmakers are considering reductions in student loan subsidies, farm payments and support for federal workers’ pensions as they search for cuts that can clear the way for an increase [...]


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Student Union Supports Travel Bans on Defaulting Students

(Source: ABC RadioAustralia) – Graduates in Fiji may be given travel bans if they don’t pay back their student loans on time.


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Grim Outlook for College Grads

EAST BAY (Source: ABC) — Next month, thousands of Bay Area college graduates will hit the work force or try to. The outlook for new jobs is grim. They are facing disappointing statistics, but there are a few encouraging signs.


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Congress May Defang Consumer Agency Before First Bite

(Source: msnbc By John W. Schoen) – Almost a year after Congress created a new federal agency to protect consumers from shady lending practices, there is a move afoot on Capitol Hill to clip its wings before it takes flight.


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Housing Recovery Unlikely Before 2014, Survey Says

May 18 (Source: The Milwaukee Journal Sentinel By Paul Gores) – Americans have an increasingly gloomy feeling about when the housing market will recover, a survey released Wednesday says.


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Help for Homeowners

May 18 (Source: The Daily News By Justin Story) – A federally funded program that lets certain homeowners try to keep their homes if they lose their jobs was introduced to Kentucky recently.


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Law Offices of David Giller, LLC: Eliminate Foreclosure — Keep Your Home Through Bankruptcy

(SOURCE: Law Offices of David Giller LLC) – During these tough economic times, many homeowners are facing foreclosures on their homes. If you’ve received a foreclosure notice in the past year, you are among one of 2.5 million American homeowners [...]


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Federal Judge Rejects Attempt to Force Developer Into Bankruptcy

LAS VEGAS, May 18, 2011  (Source: PRNewswire) – A federal bankruptcy judge today rejected the state of Montana’s attempts to force developer and Yellowstone Club founder Tim Blixseth into involuntary bankruptcy. United States Bankruptcy Judge Bruce A. Markell ruled that [...]


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Madoff Bonanza for Att’Ys

(Source: The New York Post By Leonard Greene ) – It’s still hard to collect money from Bernie Madoff – unless you’re a lawyer.


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Ex-Billionaire to Seek Sanctions Against Montana

BILLINGS, Mont.(Source: Associated Press/AP Online By MATTHEW BROWN) – Former billionaire Tim Blixseth said he will pursue court sanctions against the Montana Department of Revenue after a federal judge tossed a bankruptcy petition the state filed against him seeking $57 [...]


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8 Indicted On Roseville Mortgage Scam Allegations

SACRAMENTO, Calif. (Source: kcra) – Two sisters who prosecutors said are at the center of a mortgage fraud scheme appeared Tuesday afternoon in federal court in Sacramento.


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6 Signs of a Housing Rescue Scam

(Source: MSN Money By Stacy Johnson) – The housing crisis has brought home some sobering statistics. According to real estate research firm CoreLogic, nearly one in four homeowners has a mortgage bigger than the value of their home. According to [...]


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New Bill to Fix Bad Mortgage Behavior

NEW YORK (Source: MainStreet By Brian O’Connell) — Consumer advocates have long argued that banks and lenders are playing games with delinquent homeowners, especially in the ways that they evade homeowners’ questions and keep the foreclosure process rolling even when [...]


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BofA Mortgagees Offered Distress Help

(Source: The Spokesman Review) – Bank of America will launch three days of free seminars and counseling sessions Thursday for its distressed mortgage borrowers.


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Calif. Homeowners Left to Fight Foreclosure On Their Own

LOS ANGELES, Calif. (Source: New America Media) — Three years into the mortgage meltdown, California homeowners still have little relief from the foreclosure crisis. Last week, state legislative committees failed to clear three separate bills designed to help struggling homeowners [...]


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Foreclosure Assistance Workshop

(Source: By TBO.COM ) – TAMPA Residents with questions about foreclosure and loan modification can meet with representatives of public and private agencies, organizations and nonprofit groups at a Foreclosure Assistance Workshop.


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Delaware Pastor Convicted of Felony Theft in Intricate Mortgage Rescue Fraud Scheme

WILMINGTON, Del. (Source: The Republic by The Associated Press) — A Delaware pastor accused in a mortgage rescue fraud scheme has been convicted of felony theft and misdemeanor charges of tax evasion and falsifying business records.


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Mortgage Fraud Trial Resumes After Missing Lawyer Returns

(Source: sun-sentinel By James H. Burnett) – A federal mortgage fraud case against a group of Broward police officers got back on track Monday after being briefly halted last week by a defense attorney gone AWOL.


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Biondi: No soup for you!

(Source: Orlando Sentinel) – Florida Attorney General Pam Biondi is the Soup Nazi of mortgage loan modification. To thousands of Floridians desperately trying to keep their homes through loan modification, Biondi message is: No principal reduction for you!


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Housing Market Still Plagued by Foreclosures, Mortgage Woes, Tumbling Prices

(Source: PBS) – JUDY WOODRUFF: There was fresh evidence today of weakness in the housing market and the overall economic recovery. New home construction was expected to rise, but it fell last month by more than 10 percent.


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Banks Say Simpler Mortgage Form Could ‘Stifle’ New Products

May 18 (Source: San Francsisco Chronicle) – For Elizabeth Warren, the Obama administration adviser setting up the Consumer Financial Protection Bureau, simpler mortgage paperwork is a “regulatory sweet spot” that will cut lender costs and borrower confusion.


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