The Manhattan District Attorney’s office indicted 13 people and a mortgage origination company for allegedly perpetrating a mortgage fraud scam that ran for four years and cost lenders more than $100m.
The indictments and convictions come after a 10-month investigation of the Garden City, Long Island-based AFG Financial Group and 19 of its mortgage transactions. In the indictment, District Attorney Robert Morgenthau alleges the defendants targeted distressed residential properties in New York City and surrounding counties.
Long Island-based Lend America announced Tuesday it had not only successfully saved a borrower's home from foreclosure as the California-area authority stood at the door ready to evict the residents, but the mortgage bank had made a hefty new year's resolution for 2009 -- saving 10,000 U.S. homes from foreclosure.
After surging in August, pending home sales swung into a decline based on contracts signed during September, according to a report released Friday by the National Association of Realtors. The pending home sale index - which measures sales based on offers accepted by sellers although no deal has yet closed - declined 4.6 percent to 89.2 from the upwardly revised reading of 93.5 taken in August.
One by one, they filed into the city council chambers. They took their seats and waited their turn, and once there weren’t any seats left, they moved to the seldom-used overflow seating. When the overflow seating filled, they moved to the civic center so they could watch the meeting on a closed-circuit feed..
It’s a new world, and in this new world, data is more crucial than ever. Getting the best data possible, and then being able to interpret that data to improve performance, will be a competitive edge that no company in the mortgage finance space can do without in the current environment of volume contraction. Read More
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