Are record-low interest rates masking high-cost mortgage lending?

Are record-low interest rates masking high-cost mortgage lending?

Five leading economists weigh in and the answer may surprise you

Auction.com partners with Google to predict housing trends

Nowcast will predict in real time

The New York Times rambles, and mangles mortgages along the way

Mortgage finance and mortgage regulation aren’t the paper’s strong suits
W S

Items Tagged with 'Fraud'

ARTICLES

“Real Housewives” stars get prison time for mortgage fraud

Teresa and Joe Giudice sentenced to total of 56 months in prison
Ben Lane
In March, the couple pleaded guilty to charges alleging that they falsified loan applications to fraudulently obtain $5 million in mortgages and construction loans over an eight-year period.
Read More
From HW Magazine

Don’t look now, but fraud's not dead yet

While our industry focuses on compliance, we can’t afford to ignore the growing threat
Jeffrey Dondanville and Donald O'Neill
Only seven or eight years ago, mortgage fraud was one of the top stories in the industry. It was quite common to see stories estimating losses in the millions, with some experts suggesting that these numbers were only the tip of the iceberg. Lenders and their partners scrambled to strengthen their fraud-prevention strategies.
Read More

Freedom Mortgage found guilty of defrauding homeowner

Court rules lender violated New Jersey Consumer Fraud Act
Ben Lane
“These facts then lead to the conclusion that the loan was granted in order to engender fees for the lender and not for the benefit of the borrower,” Bergen County Superior Court Judge Gerald Escala wrote in his decision.
Read More

Morgan Stanley finally pays $275 million for subprime RMBS fraud

SEC charged company with misrepresenting loans
Ben Lane
The SEC had charged Morgan Stanley with misrepresenting the delinquency status of mortgage loans underlying two subprime RMBSs at the height of the financial crisis. They were the last subprime RMBSs that Morgan Stanley sponsored, issued, and underwrote.
Read More

Citi nears resolution on massive mortgage fraud probe

Follows string of high profile settlements
Jacob Gaffney
The Justice Department also has been in talks with Bank of America Corp. to resolve civil probes over its mortgage business. The Citigroup mortgage investigation is among a handful of cases relating to bank conduct ahead of the 2008 financial crisis still pending before the Justice Department.
Read More

Chase’s fraudulent foreclosure: Court finds for plaintiffs

Bank committed fraud in order to show ownership
Ben Lane

A California appeals court upheld a ruling that said a Chase executive created a document that fraudulently represented that a prior assignment had been lost and that Chase owned the plaintiff's mortgage.


Read More

BofA close to beating DOJ $850M RMBS fraud suit

DOJ “may not have evidence to try this as a fraud case”
Ben Lane
In a hearing, U.S. District Judge Max Cogburn said that he may follow the recommendation of U.S. Magistrate Judge David Cayer, who previously recommended that the case should be dismissed in March.
Read More

NY judge: JPMorgan/Bear Stearns committed MBS fraud; dismisses case anyway

Altered due diligence report to make mortgage pool look safer
Ben Lane
New York State Supreme Court Justice Alan Scheinkman’s ruling states that there is evidence to support MBIA’s assertion that Bear Stearns “altered due diligence information (and) intentionally misrepresented existing material facts.”
Read More

Fraudulent mortgage modifier sent to prison for $4 million scam

Joins three co-conspirators in federal prison
Ben Lane
In exchange for up-front fees ranging from $400 to $2,000, Kelly and his colleagues would send their customers a do-it-yourself application package, which was virtually identical to the application that the government provides free of charge.
Read More

SEC charges jailed broker with fraud in real estate scam

Ben Lane

Vitale allegedly told his investors that their funds were “100% protected” when they were not, and he claimed to be a financial expert with a business degree from Notre Dame. In fact, he never attended college after graduating from Notre Dame High School in West Haven, Conn.


Read More