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SEC Charging Fannie Mae; Freddie Mac Ex-Chiefs for Deception
Saturday, December 17, 2011 - Daniel H. Mudd, former CEO of Fannie Mae, and Richard F. Syron, former CEO of Freddie Mac, are now the targets of a SEC case for downplaying the extent of both agencies’ exposure to subprime mortgaging. The result of this downplaying: an overinflated...
“Mortgage Giants” Suspend Eviction and Foreclosures Over the Holidays
Friday, December 2, 2011 - Fannie Mae and Freddie Mac will not foreclose from December 19, 2011 to January 2, 2012. JP Morgan and Bank of America will follow suit with their own “moratorium” plans, while Wells Fargo will suspend evictions but not the process of eviction...
Occupy Movement to “Default on Student Loans”
Wednesday, November 23, 2011 - The Occupy movement is running a so-called “Occupy Student Debt” campaign with the aim of gathering a million student loan debtors to default in defiance a higher education system that “saddles college students with debt.”
523...
Senate Targets Loophole Used by Banks for “Pseudo-Payday Loans”
Saturday, November 19, 2011 - “Account advances” are loans used by banks to get around federal laws on risky loans that prey on soldiers. In these schemes, cash is first fronted to a separate account holder when the loan customer goes to get the next deposit. This allows...
Fannie Mae; Freddie Mac “Booting” Robo-Signing Lawyer Networks
Thursday, October 20, 2011 - It has been a long time coming, but it’s finally happened: the lawyer networks responsible for so many false foreclosure rulings due to shoddy and fraudulent practices are finally getting cut off.
The Federal National Mortgage Association...
Report: Fannie Mae “Knew” of Foreclosure Abuses as Early as ‘03 But Did Not Act
Tuesday, October 4, 2011 - According to a report by Steve Linick, the Federal National Mortgage Association (Fannie Mae) knew about the 2003 allegations of improper and abusive foreclosure practices conducted by law firms.
Linick is the inspector general of the Federal...
Lending Tree VP Talks about Dangerous Refinancing Mistakes
Monday, September 26, 2011 - CBS Money Watch interviewed Mona Marimow, Senior Vice President of Lending Tree, who in turn interviewed Lending Tree’s network lenders about common and dangerous mistakes that consumers make when refinancing home loans.
Marimow then points...
“Grand” Real Estate Fraud Ring Busted in Minnesota
Saturday, September 24, 2011 - Buyers, appraisers, closers, mortgage brokers and even entire real estate companies all collaborated to form one of the most elaborate kickback and mortgage fraud schemes in Minnesota’s history.
This Department of Commerce uncovered a scheme...
Home Equity Loan Industry Awaits “Surprises” For the End of the Fiscal Year
Tuesday, September 20, 2011 - The home equity loan (a.k.a. reverse mortgage) industry has had a rollercoaster ride this past year, especially since many major players in the industry have upped and gone for one reason or another.
Yet the industry collectively holds its breath...
Two Home Equity Loan Ex-Providers Lead Job Losses in Mortgage Industry
Tuesday, August 30, 2011 - The second quarter of 2011 saw 4,940 mortgage-related hires. That’s good, except that there were 5,404 layoffs in the same time period – meaning 464 individuals in the mortgage industry lost their jobs.
That is still markedly better than...
