June 2011

Cop Gets 20 Years For Robbing Drug Dealers For Mortgage

NEW YORK (Source: Newsone Written by Casey Gane-McCall) – Former NYPD Officer Jorge Arbaje-Diaz was just sentenced to 20 years in jail for robbing drug dealers.


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Pair Pleads Guilty In $2.7 Million Mortgage Fraud Case

CINCINNATI -(Source: wlwt) – Two people accused of cheating banks out of nearly $3 million admitted their actions on Tuesday.


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WSBR-A Talk Show Host Charged With Fraud

(Source: All Access) – BEASLEY Talk WSBR-A (MONEY/TALK RADIO)/BOCA RATON brokered show host ANTHONY F. CUTAIA  has been charged by Federal prosecutors with defrauding investors by creating a Ponzi scheme. CUTAIA hosted “Talk About Mortgages and Real Estate,” on a [...]


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Real Estate Lawyer Going to the Slammer

MANHATTAN (Source: CN) – A real estate attorney on was sentenced to 5 years in prison for a $23 million mortgage fraud scheme. Cheddi Goberdhan “worked closely with corrupt loan officers of GuyAmerican Funding, a mortgage brokerage firm in Queens,” [...]


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Big Banks Expecting to Pay $20 Billion Each for Mortgage Fraud

(Source: The Atlantic Wire By Adam Clark Estes) – The nation’s five biggest mortgage lenders are anticipating paying  at least $20 billion in order to make nice on allegations of foreclosure abuse. Based on recent conversations he’s been leading with [...]


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Derailing Debit Card Reform is Bad for Consumers

(Written byJERRY FLEAGLE is president of the Iowa Grocery Industry Association) – When millions of Americans are out of work and businesses struggle to remain viable, it is crazy for Congress to pave the way for higher costs to consumers [...]


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Meredith Whitney: Shut Up, Banks.

(Source: Wall Street Journal By Shira Ovide) – Count this as the smartest thing Meredith Whitney has said in years.


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Bankers, Merchants Debit Card Fight Hits Senate

(Source: Bloomberg Business Week) – A heavily-lobbied battle pitting bankers against merchants over the fees stores must pay banks when a customer swipes a debit card has reached the Senate floor.


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Meredith Whitney Disagrees With Jamie Dimon on Bank Regulation

(Source: Wall Street Journal By Mark Gongloff) – Continuing her appearance on CNBC, Meredith Whitney was asked about Jamie Dimon’s warning  to Ben Bernanke yesterday that too much regulation could hurt the recovery and was maybe already keeping banks from [...]


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Beijing Allows Bank of China to Bring Yuan Back to Mainland

BEIJING (Source: Wall Street Journal BY LINGLING WEI ) — Bank of China Ltd. has received its first approval to bring yuan it raised in Hong Kong back to mainland China in a rare move that is part of Beijing’s [...]


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In Student Loan Hell? Here’s How to Get Out

(Source: San Francisco Chronicle) – Go ahead, ask me anything about cash, credit, savings and so on – I’ll do my best to provide the information you need to get ahead. There’s one subject that drives me nuts, though. Federal [...]


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Young People are ‘Proud of Debts’ from Student Loans and Credit Cards

(Source: Metro UK) – Going into the red through student loans or on a first credit card makes them feel important and self-empowered.


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James Toufic Assali: OC Loan Modification Con Man Saught By Police

(Source: LoanSafe.org by Moe Bedard) – Hey James Toufic Assali, are you a flaming idiot or just a selfish OC prick blinded by greed? Come on dude, you must either have a prison death wish or you simply like to [...]


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8 Ways to Spot Loan Modification Scams

(Source: NASDAQ by JR Hevron) – Be wary of anyone who promises that they can “fix” your mortgage for you. Anything they “claim” they can do, you can do better.


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Fannie Mae Foreclosure Plan Sets New Standards For Servicers

WASHINGTON -(Source: The Wall Street Journal)- Government-controlled mortgage company Fannie Mae (FNMA) on Monday detailed a list of new rules for home mortgage servicers aimed at fixing widespread problems in the foreclosure process.


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Ruling Challenges Ore. Foreclosure System

PORTLAND, Ore. (CN By DEE MOORE ) – Bank of America and Mortgage Electronic Registration Systems broke the law when they failed to record every time the trust deed for a couple’s home mortgage changed hands, a federal judge found [...]


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5 Things They Won’t Tell You: Mortgage Broker

TAMPA BAY, Florida (Source: WTSP Written by Noah Pransky ) – Considering how much time people spent searching for the perfect home, they often spend little time searching for the perfect mortgage.  Rates fluctuate depending on the broker.


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Harvard Study: Over 9 Million Homeowners “Cost-Burdened”

(Source: DSNews By: Carrie Bay) – The Great Recession has exacerbated the housing affordability challenges that had been building for a half-century, according to researchers at the Joint Center for Housing Studies of Harvard University.


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Goldman Sells Mortgage Servicing Unit to Ocwen

(Source: New York Times By MICHAEL J. DE LA MERCED) – Goldman Sachs has agreed to sell its Litton Loan Servicing unit to the Ocwen Financial Corporation for about $263.7 million, ending its ties to an industry steeped in controversy.


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Homeowners with Second Mortgages Face Borrowing Misery

(Source: The Wall Street Journal) – Almost 40 percent of US homeowners who took out second mortgages — extracting cash from their residences to cover everything from vacations to medical bills — were underwater on their loans, more than twice [...]


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Second-Mortgage Misery

(Source: The wall Street Journal BY ROBBIE WHELAN ) – Almost 40% of homeowners who took out second mortgages—extracting cash from their residences to cover everything from vacations to medical bills—are underwater on their loans, more than twice the rate [...]


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Housing Short Sales Boost Fraud Risk

(Source: By LESLIE BERKMAN The Press-Enterprise) – In the wake of failed attempts at loan modifications, delinquent homeowners increasingly are taking what many consider the next best step to avoid foreclosure: a short sale.


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Lone Star Is Said to Exceed Target With $5.5 Billion for Real Estate Fund

(Source: Bloomberg By Hui-yong Yu) – Lone Star Funds, the investment firm run by John Grayken, raised $5.5 billion for a fund to buy commercial-property assets as real estate values recover, according to a person with knowledge of the situation.


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Top 5 Turnaround Towns: Home Prices Expected To Rise Here

(source: MoneyWatch By Ilyce Glink) – When will home prices rise? That’s the question of the week. Unfortunately, there are no easy answers. Many local markets around the country are taking baby steps towards recovery. But it doesn’t look like [...]


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Really High Rent? No Problem For Some NYers

NEW YORK -(Source: The Sacramento Bee) – Real estate experts in New York City say the market for five-figure rentals is strong.


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Fed Official: Some Banks Are Just Too Big

(Source: BNet By Alain Sherter) – Federal Reserve Governor Daniel Tarullo is making waves by saying that large financial firms should be required to hold a lot more capital to avoid a repeat of the banking crisis. His comments sent [...]


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Timothy Geithner Tells Banks to Accept New Rules

(Source: BBC) – US Treasury Secretary Timothy Geithner has told US banks to accept new financial regulations instead of asking Congress to weaken them.


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Greek Debt Rescheduling Won’t Collapse Banks-Greek Banker

(Source: The Wall Street Journal)–Greek banks could not only survive a mild rescheduling or extension of the nation’s sovereign debt burden, but the move would restore confidence in the lenders, a senior Greek banking executive said Tuesday.


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Fugitive Sought in Mortgage Fraud Scheme

(Source: The Orange County Register By MARILYN KALFUS) – Law enforcement officials are looking for the owner of a Costa Mesa-based mortgage refinance company and escrow business who is charged in a loan modification scheme that preyed on victims in [...]


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Owner of O.C. Mortgage Company Sought in Loan Modification Scam

(Source: Los Angeles Times) – Authorities are seeking the owner of a Costa Mesa mortgage company who is charged in a large loan modification scam that targeted out-of-state victims, some of them elderly.


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