Posts tagged as:

fraud

Are All Bankers Created Equal?

by Moe Bedard

By Moe Bedard
Not all bankers are created equally. Or are they? The President of the Mortgage Bankers Association gave testimony before a congressional subcommittee today explaining what he thinks Congress should do about widespread fraud and the means to improve lending conditions in the United States.
His plan includes the following:
#1 Borrowers should immediately communicate with [...]

2 comments Read the full article →

FBI Files Criminal Charges Against Metro Dream Homes ‘Dream Homes’ Turns into Nightmare

by Moe Bedard

The company had all the trappings of success—its top officials lived lavish lifestyles, kept a fleet of chauffeur-driven cars, and donated generously to charities. And it used slick marketing to sell its “Dream Homes Program,” which promised to pay homeowners’ mortgages in return for an up-front fee that would be invested in profitable business ventures.
But [...]

1 comment Read the full article →

Missouri Attorney General Sues Anaheim, CA. Loan Modification Firm, US Foreclosure Relief

by Moe Bedard

Jefferson City, Mo. – Attorney General Chris Koster today filed suit against a California company that defrauded Missourians looking for help avoiding mortgage foreclosure. Koster said the company, US Foreclosure Relief, took money from victims but did not provide any help.
“Unfortunately, these tough economic times have brought out opportunists who prey on people at some [...]

5 comments Read the full article →

“Bloodsuckers and Bottom Feeders”

by Moe Bedard

By Moe Bedard
Yet another Mortgage Modification Fraud alert was posted on CNBC this morning. Former Department of Housing and Urban Development consultant Howard Glaser warned “The bloodsuckers and bottom feeders are out.” More and more attention is appropriately being placed on mortgage scam artists by the mass media now and I think it’s a good [...]

13 comments Read the full article →

Federal Government and State Governments Get Serious About Mortgage Scams

by Moe Bedard

By Moe Bedard
NECN.com featured a video news release this morning making it very clear that the federal and state governments will be taking aggressive action against fraudulent loan modification firms. Treasury Secretary Timothy Geithner directly addressed the federal government’s position indicating “…we will aggressively pursue individuals involved in mortgage rescue scams.” Both the Massachusetts Attorney [...]

3 comments Read the full article →

Real Estate Agents Gone Wild – Homeowners Beware!

by Moe Bedard

No, this isn’t a late night infomercial with the “Worlds Sexiest Realtors” showing off their assets. This is a sick and not so new phenomenon I call “Real estate agents gone wild.”
Take this article I picked up today in my Google Alerts:

Elias Escobedo, 41, lost his house earlier this month when it was foreclosed on, but not because he [...]

3 comments Read the full article →

Feds prosecuting foreclosure scam of California man

by Moe Bedard

A warning to all homeowners. Beware of scammers that are acting as foreclosure and loss mitigation consultants.
TOPEKA, Kan.—An Israeli citizen living in California remains jailed until his federal trial over allegations he ran a foreclosure scam.
Forty-one-year-old Isaac Yass is accused of filing fraudulent bankruptcy petitions in Kansas that were part of a scheme to bilk [...]

0 comments Read the full article →

Here’s the deal, I get real cranky having to decline over 60% of what I am looking at, real cranky.

by Moe Bedard

By Poppy (30 year mortgage underwriting veteran) 
Well, I am back to underwriting again – and I have to say – WTF, you have not stopped with the Mis-Rep and Crap that you are submitting. Damn, you are more creative than ever folks. Here’s the deal, I get real cranky having to decline over 60% of [...]

0 comments Read the full article →