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ING Bank suing under RICO statutes to recover losses by alleged local real estate fraud ring.
Here is the article from the Seattle Times. Excerpt: In one deal, the bank loaned a borrower $935,000 to buy a Tacoma house for $1.35 million — a house that, according to the real-estate Web site Zillow, is valued higher than 99 percent of homes in its ZIP code. Nationwide Home Lending was paid nearly $30,000... »
Is it possible we are at the bottom?
***Updated/Revised 4:30pm 02/08/2009 PST: Here is the link to the “Memorandum” (.pdf document) showing how this mortgage broker, in his own words, fraudulently originated millions in loans and how the fallout will plague our economy. Big thanks goes to blogger “Scotsman” for the getting the document to me. ——————————————- This is how is it possible………..we may... »
One more story for the Bellevue mortgage fraud files
The Seattle Times is reporting tonight that a federal indictment has been issued for a Bellevue loan officer and his assistant. A former loan officer at a Bellevue mortgage company and his assistant have been indicted on a charge of conspiracy to commit wire fraud in a scheme that prosecutors say involved using straw buyers... »
Recent Mortgage Fraud Developments and Future Outlook
Before we use to rely on automated underwriting systems and credit scores we had humans who would carefully underwrite mortgage loan files. During the caveman human underwriter days, loan originators and loan processors knew that underwriters could make or break a file. An underwriter had god-like power to grant or deny the American dream.... »
Mortgage Fraud
Fraud is generally defined as the “intentional misrepresentation of the truth in order to deceive another.” Chris Swecker, Assistant Director of the FBI’s Criminal Investigative Division, defines mortgage fraud as any form of material misstatement, misrepresentation or omission relied upon by an underwriter or lender to fund, purchase or insure a loan. Before 9/11, mortgage... »
Friday’s Rates ala Ben and Bush
It continues to be very interesting preparing Friday Rate Quotes. Programs and products availability continue to change due to either lenders suspending certain products or pricing them out of the market. In addition, some lenders who brokers have had relationships with are playing “dirty” (for example, trying to stall loans so they expire instead of funding... »
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