Items Tagged with 'New York'


Groundbreaking ruling? Federal jury finds Emigrant Bank liable for predatory lending

Plaintiffs' lawyers claim decision is first jury verdict in "reverse redlining" case
In what the plaintiffs’ attorneys are calling a "first of its kind" decision, a federal jury in Brooklyn ruled this week that Emigrant Savings Bank and Emigrant Mortgage Company engaged in predatory lending by "aggressively marketing toxic mortgages to Black and Latino homeowners with poor credit" in the run-up to the housing crisis.
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Disbarred New York lawyer gets 3 years for phony ticket resale, real estate schemes

Fraudulently told investors he'd buy Super Bowl tickets, New York real estate
A disbarred New York attorney will spend more than three years in prison after being convicted on multiple charges stemming from his involvement in a ticket resale fraud scheme and a real estate investment fraud conspiracy that cheated multiple victims out of more than $3 million.
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New York adopts "sweeping" new laws to tackle foreclosure problems

Will fight rise of zombie homes; new rules imposed on lenders, servicers
While the U.S. Senate could soon consider new rules governing the maintenance of foreclosed homes and the glut of "zombie homes" that blight many communities throughout the country, the state of New York is taking the matter into its own hands. Late last week, New York Gov. Andrew Cuomo signed "sweeping" legislation to reform the state’s foreclosure process and address the state’s issues with zombie homes.
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NYDFS reportedly probing dozens of online lenders

Reuters: NYDFS demanded "immediate compliance" with state licensing rules
The New York Department of Financial Services, the state's financial regulator, launched a probe recently into the lending actives of more than two dozen online lenders, according to a report from Reuters. Here are the details.
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New York to provide $100 million in zero-interest loans to prevent foreclosures

Using Goldman Sachs fine to fund expansion of Mortgage Assistance Program
Homeowners in the state of New York who are struggling to keep their homes from falling into foreclosure are about to get a lifeline – $100 million in zero-interest loans from the state of New York. It's all thanks to Goldman Sachs and its $5 billion toxic mortgage settlement.
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Northeast property tax highest in the nation

New York’s average more than double California’s
Surprisingly, the highest property taxes are not found in California, but rather, in the Northeast. New York actually wields the highest property tax average, which is significantly higher than even the second highest state, Connecticut.
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Fitch: Coastal home prices diverge

A tale of two cities
While seemingly similar upon first glance, a closer look shows that New York City and San Francisco are two very different cities. Fitch’s new report shows the main causes for the differences in the housing markets for each city.
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New York county legislator, former city official among victims of mortgage fraud conspiracy

Own mortgage company allegedly defrauded by lawyer, broker, appraiser, Realtor
A mortgage company owned by a New York country legislator and a former Syracuse city auditor is among the alleged victims of a mortgage fraud conspiracy that involved a lawyer, a mortgage broker, a real estate appraiser, and a Realtor working together to defraud lenders out of more than $4 million.
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