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USLoanAuditors - Putting A...

USLoanAuditors - Putting An End To Fraud
Predatory lending is unfortunately something that we will come into contact directly or indirectly at one point of our lives. When a lender underwrites a mortgage, there are laws and guidelines that have to be observed. If that is not the case, you will have fallen prey to that kind of lending and you are legally entitled to fight it back. And that is exactly what this forensic loan auditing company...

Countrywide’s VIP Lo...

by Sharyl Attkisson, CBS News New documents released by the House Committee on Oversight shed shocking new light on the cozy partnership between Countrywide Financial Corporation and Fannie Mae — which left taxpayers holding the bag for billions in subprime loans. The documents show that dozens of Fannie Mae employees accepted VIP loans and VIP treatment from Countrywide. According to investigators,...

Is your ZIP a loan-fraud &...

by Marilyn Kalfus As part of a nationwide analysis, CoreLogic has identified parts of Orange County where their data reflects some mortgage fraud occurred between 2005 and 2009. These rates are compared to a national average of 0.55%: I asked the folks at CoreLogic about their use of the term ‘hot spots” in light of the statistics. Not to make light of any type of fraud, but even in the O.C. ZIP...

Analysts Warn of Risks Thr...

By DAVID BARBOZA, TNYT SHANGHAI — A week after the Agricultural Bank of China raised nearly $20 billion from global investors in one of the biggest stock offerings in history, analysts are warning about growing risks to China’s banking system. A report released on Wednesday by Fitch, the credit ratings agency, said Chinese banks were increasingly engaging in complex transactions that hid the size...

Goldman Sachs, Citigroup S...

by Bloomberg Business Week July 12 (Bloomberg) — Goldman Sachs Group Inc., Citigroup Inc., Morgan Stanley and dozens more bank and brokerages were sued by a Boston area-based fund seeking reimbursement for losses related to subprime loans. Cambridge Place Investment Management Inc., founded by ex- Goldman Sachs Group bankers Martin Finegold and Robert Kramer, lost more than $1.2 billion as a...

Ex-mortgage exec charged i...

By Inman News The former chairman of mortgage lender Taylor, Bean & Whitaker has been arrested and charged for his alleged role in a $1.9 billion fraud scheme federal prosecutors said contributed to last year’s failure of Colonial Bank. Lee Bentley Farkas and co-conspirators are accused of misappropriating more than $400 million from Alabama-based Colonial Bank’s mortgage warehouse...

FBI to target mortgage fra...

By Suzanne Kapner The Federal Bureau of Investigation is preparing a nationwide crackdown on mortgage fraud, the latest in a series of efforts to curb lending practices that contributed to the housing meltdown, according to people familiar with the matter. The FBI is preparing to arrest hundreds of people across the US as early as next week for offences including encouraging borrowers to falsify income...

WaMu Executive attempts to...

Washington Mutual’s former Chief Executive Officer, Kerry Killinger defended the company’s actions at a Senate hearing on April 13th and insisted that the government should not have seized the bank during the peak of the financial crisis in September of 2008. Mr. Killinger argued that the company had sufficient capital and therefore should not have been shut down and sold for a rock bottom price...

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