August 2011

Former North Castle Republican Chairwoman Indicted For Mortgage Fraud

WHITE PLAINS, NY (Source: WCBS 880) – Former North Castle Republican chairwoman Loronda Murphy has been indicted for mortgage fraud.


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Mortgage Fraud: An Industry That Won’t Quit

NEW YORK (Source: MarketWatch) — Through all the ups and downs of the U.S. economy, at least one industry continues to thrive.


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NC Fraud Scheme Hits 2 Banks, 1 Cheated Last Year

(Source: Bloomberg Businessweek By EMERY P. DALESIO) – A crooked loan officer, a disbarred attorney and a third man could get long prison sentences for their role in a mortgage fraud that victimized two North Carolina banks, federal prosecutors said [...]


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Are Big Banks In Trouble? Three ETFs To Watch

(Source: Business Insider) – The past few weeks have seen violent behavior in equity indexes as a slew of negative news and data led to some of the most volatile trading days since the 2008 crash. The problems largely began [...]


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JP Morgan Joins the GDP Downgrade Party

(Source: The Wall Street Journal By Peter Nurse) – JP Morgan joined the increasing band of big banks to downgrade its expectations for U.S. growth in the coming quarters.


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More Banks Testing Debit Card Fees

(Source: MSN Money By Karen Datko) – Don’t you hate it when a business raises prices or tacks on a fee without offering anything new or improved in return? (Think the airlines. Also Netflix: That didn’t go over well.)


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Hidden Money From Hong Kong Banks Undermining Lending Curbs: China Credit

(Source: By Bloomberg News) – Chinese companies are borrowing record amounts from Hong Kong’s banks as the central government tries to bring the inflation rate down from a three-year high by reducing access to credit.


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Funding Fears Hit European Bank Stocks

(Source: Financial Times By Martha Gill) – Growing concerns that some European banks face short-term lending stress kept pressure on the region’s financial stocks on Friday, setting indices on course for a second consecutive session of heavy losses.


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On Shaky Financial Ground? 3 Reasons Why Loan Modifications Won’t Solve Your Problems

(Source: Fox News) – Let’s assume you live in one of the geographical areas hardest hit by the home mortgage crisis. The economic boom that your lender assured you would continue to boost the value of your home has turned [...]


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Nevada Judge Sentences 2 Men in Connection with Loan Modification Scam, Orders Them to Pay Up

LAS VEGAS (Source: The republic) — The Nevada Attorney General says two men have been sentenced and ordered to pay restitution in connection with a mortgage scam involving Nevada homeowners.


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4 Arrested In Mortgage Modification Scam

MIAMI (Source: Local10) – Four members of a Miami company were arrested, accused of stealing $750,000 from hundreds of clients in a mortgage modification scam.


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Miami Mortgage Loan Modifiers Arrested on Fraud, Racketeering Charges

(Source: By Diane C. Lade, Sun Sentinel) – The owners of a Miami home loan modification company were arrested on criminal charges Wednesday for allegedly defrauding 500 homeowners statewide out of $750,000, Florida Attorney General Pam Bondi said. The Attorney [...]


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Cheap Mortgages, America’s Hidden Entitlement

(Source: The Atlantic) – Amid all the clamor about entitlement reform during the struggle to raise the debt ceiling, one enormous cost – and potential source of future saving – largely escaped scrutiny: the billions of dollars the United States [...]


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S&P Probed Over Mortgage Bond Ratings, Sources Say

(Source: By Louise Story New York Times) – The Justice Department is investigating whether the nation’s largest credit ratings agency, Standard & Poor’s, improperly rated dozens of mortgage securities in the years leading up to the financial crisis, according to [...]


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Short Sales Complicate Local Real Estate Market

(Source: My Desert Brad Schmett) – Before you get too excited over the prospect of buying that La Quinta short sale property you found online, pick up the phone and call your real estate agent. He or she needs to [...]


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Bank of America in Talks With Blackstone Over Merrill Real Estate

(Source: Dealb%%k By MICHAEL J. DE LA MERCED and BEN PROTESS) – Bank of America is in talks to sell a major portion of Merrill Lynch’s real estate portfolio to the Blackstone Group for up to $1 billion, a person [...]


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Financial Turmoil Boosts Europe Real Estate

(Source: Bloomberg By Simon Packard) – Irish investor Aidan Brooks’s Tribeca Holdings Ltd. paid 13 percent more than the asking price for a shop on London’s Bond Street that generates slightly more income than a U.K. government bond. It beat [...]


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Langford Says Demand for Commercial Real Estate is Huge

Aug. 17 (Bloomberg) – Guy Langford, national head of distressed asset and debt services at Deloitte & Touche LLP, talks about the outlook for the commercial real estate market. Langford speaks with Pimm Fox on Bloomberg Television’s “Taking Stock.”


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Low Rates Not Enough to Soothe Homebuyers’ Anxiety

WALNUT CREEK, Calif. (Source: By EVE MITCHELL Contra Costa Times) – When the country’s credit rating was downgraded, experts thought interest rates would shoot up, another buffet to the struggling real estate market.


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SEC Destroys Evidence Against Banks And Hedge Funds, Whistleblower Alleges

(Source: Forbes Halah Touryalai) – In a heavy dose of irony for the Securities and Exchange Commission, which launched a new whistleblower program this week, one of its own lawyers is calling foul on the agency for allegedly destroying thousands [...]


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US Banks Begin Charging Monthly Debit-Card Fees

NEW YORK (Source: Wall Street Journal)–Wells Fargo & Co. (WFC) is joining a growing number of banks that are introducing or testing a monthly fee for debit cards, casting around for revenue lost to debit-card regulatory restrictions.


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Fed Eyes European Banks

(Source: The Wall Street Journal By DAVID ENRICH And CARRICK MOLLENKAMP) – Federal and state regulators, signaling their growing worry that Europe’s debt crisis could spill into the U.S. banking system, are intensifying their scrutiny of the U.S. arms of [...]


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Bank Plays TARP Catch-Up

(Source: The Wall Street Journal By MATTHIAS RIEKER And DAVID BENOIT) – NEW YORK—Seacoast Banking Corp. of Florida has finally begun paying a dividend to the U.S. government for the $50 million in aid it received in 2008.


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2 Central Ark. Banks Announce Consolidation Plan

(Source: Bloomberg Businessweek) – Two central Arkansas banks owned by the same holding company plan to consolidate their operations, officials announced Wednesday.


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Wall St Set to Slide on Renewed Bank Worries

NEW YORK, Aug 18 (Source: Reuters) – U.S. stock index futures pointed to a sharply lower open on Thursday as a report that regulators were intensifying their review of European banks’ U.S. units shook up investors.


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Fannie Mae Admits Pushing for Foreclosures Instead of Loan Modifications

(Source: The Bryan Ellis Real Estate Letter by Carole VanSickle) – In a move that local government officials throughout Michigan are describing in terms of being “disgusting…[but] not news,” Fannie Mae has released papers and internal memos indicating that the [...]


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Injunction Obtained in New York Loan Modification Scam Lawsuit Against Homesafe America, Inc.

NEW YORK, NY – August 16, 2011 – (Source: The Lawyers’ Committee and Davis Polk) — This morning, Justice John M. Galasso of the Nassau County Supreme Court issued a sweeping order shutting down one of New York’s largest mortgage [...]


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2 Sentenced for Mortgage Scam, Ordered to Pay Restitution

(Source: Las Vegas Sun By Steve Kanigher) – A District Court judge sentenced one man to prison and another man to probation in connection with a mortgage scam involving Nevada homeowners, the Nevada attorney general’s office said today.


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Man Charged With ‘Using’ Treasury Secretary’s Account to Pay Off Mortgage

(Source: Fox News By Mike Levine) – As the nation’s financial system collapsed and millions of Americans struggled to pay off their home mortgages in 2009, a Maryland man now under investigation allegedly wiped away his $353,000 mortgage debt by [...]


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