CFPB secures $27.7 million judgment against foreclosure relief scammers

The next president needs to speak up about housing right now

Want my vote? Here's how to get it

CFPB, DOJ take action against Provident Funding for discriminatory lending

Could pay $9 million in damages
W S

Lending

CFPB secures $27.7 million judgment against foreclosure relief scammers

Problem is, the scammers have only $655,737
Ben Lane
The Consumer Financial Protection Bureau and the State of Florida announced Friday that a federal judge granted final judgment against a Florida law firm and its associated companies, requiring the companies to pay $27.7 million for their part in a massive foreclosure relief scam that defrauded approximately 2,000 consumers.
Read More

This MBA chart shows the real impact of the recession on homeownership

Young buyers taken out of the market
Brena Swanson
The latest chart in the Mortgage Banker Association’s series echoes what most of the industry already knows: Millennials are not buying.
Read More

WATCH: Former Wells Fargo CEO rails against regulatory burdens

This stunts America’s growth
Brena Swanson
While America should be growing faster, the wrong mix of fiscal and monetary policies is smothering any room for potential growth, especially when it comes to Dodd-Frank bank reforms.
Read More

The next president needs to speak up about housing right now

Want my vote? Here's how to get it
J. Ronald Terwilliger
For far too long, housing problems have been largely ignored by the mainstream media and neglected by Washington. A housing focus has also been noticeably absent from our nation’s political discourse. That needs to end, right now.
Read More

GDP contracts 0.7% reinforcing weak start to 1Q

Economists remain optimistic
Brena Swanson
Friday's second estimate revealed further truth behind how tough the start of the year was, with the economy contracting 0.7% in the first quarter of 2015. Could this be the start of a recession?
Read More

JPMorgan Chase reportedly laying off 5,000 employees

Cuts would represent at least 2% of bank’s staff
Ben Lane
JPMorgan Chase is set to lay off approximately 5,000 of its employees as part of cost-cutting measures. The job cuts reportedly already began earlier this year and would represent at least 2% of the bank’s staff.
Read More

CoreLogic expands building permit database

Now features 35 different permit types
Ben Lane
CoreLogic, a property information, analytics and data-enabled services provider, announced Thursday that its building permit database now features 35 different permit types, covering 65% of the U.S. residential and commercial market.
Read More

CFPB, DOJ take action against Provident Funding for discriminatory lending

Could pay $9 million in damages
Brena Swanson
In the latest investigation by the Consumer Financial Protection Bureau and the Department of Justice, they filed a complaint against Provident Funding Associates for charging higher broker fees on mortgage loans to African-American and Hispanic borrowers. The lender could potentially pay $9 million in damages if the court accepts the order.
Read More

Real estate investor gets 7 years in $15M mortgage fraud scheme

Complex conspiracy involved money laundering, straw buyers
Trey Garrison
A real estate investor was sentenced to 84 months in prison for conspiring to defraud financial institutions and launder stolen funds as part of a $15 million mortgage fraud scam that used phony documents and straw buyers to make illegal profits on overbuilt condos.
Read More

Michael Jackson’s Neverland Ranch hits the market for $100 million

Sadly, the amusement park rides are gone
Ben Lane
The California manse that was once the home of the late, great Michael Jackson is now available for sale. The price tag for the property once known as “Neverland Ranch”? $100 million.
Read More