News related to Mortgage and Foreclosure Fraud

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 Date

Article  (Recent Additions) Author

  Comment

12/20/02

Another link: SEC

New York Attorney General

SEC

The agreement that was reached totals more than $1.4 billion in penalties, restitution and monies to be used for investor education. The amounts being paid by each firm are attached.

12/17/02

LEGAL AFFAIRS: Bear Stearns subsidiary to pay $6 million in punitive damages  

Dan Margolies,        legal affairs reporter Kansas City Star  

EMC Mortgage caught in the act!     

$6 MILLION hit for just one case!  And the homeowner defaulted and had moved out!

12/15/02

Fenced In

Frank Bentayou, Cleveland Plain Dealer  All too familiar to too many people!
12/7/02

US home foreclosures hit highest level in 30 years

Low wages, rising joblessness and predatory lending practices by banks and mortgage companies are contributing to a record number of home foreclosures in the United States.

WSWS All across the country—in rural, suburban and inner city areas—more and more families are losing their homes. While the Bush administration diverts billions of dollars in tax cuts to the rich and states and cities slash social programs, millions of workers and middle class people are living on the economic edge, only a lost paycheck or two away from being tossed into the street.

  11/17/02

FBI Raids National Century Offices

Robert O'harrow Jr. and Bill Brubaker
Washington Post Writers
National Century long promoted itself as the "genius" of its business, a leader in the giant market for bonds backed by the assets of borrowers. Truth is, they were arrogant, greedy and stupid.

10/15/02

WGN-TV Show Notes on Mortgage Fraud

WGN-TV REFINANCING CAN BE A GOOD THING, BUT IF YOU'RE NOT CAREFUL, YOU COULD LOSE YOUR HOME
5/30/02

Government Sponsored Enterprises (GSEs)

 

Nader.org The Bush Administration and the Congress need to put a high priority on a top to bottom examination of all the GSEs to determine: (1) how well their statutory mission is being carried out; and (2) the safety and soundness and the adequacy of protections for the taxpayers against bailouts.
5/10/02

Settlement With Predatory Lender Cheats Borrowers a Second Time

Class Members Would Be Worse Off Under Settlement Than If Lawsuit Had Not Been Filed, Public Citizen Tells Court.

Public Citizen Motion in Opposition in: 

Lopex v. Delta Finding

Public Citizen A proposed class action settlement with the notorious predatory lender Delta Funding Corporation would release the company and its brokers from responsibility for years of fraudulent and deceptive practices through which thousands of homeowners were bilked into illegal mortgages and foreclosures, Public Citizen argued in an objection filed today with the U.S. District Court in New York. The settlement is subject to court approval and should be rejected, Public Citizen said.
April 2002

White

paper

HELD UP IN DUE COURSE:

Predatory Lending, Securitization, and the Holder in Due Course Doctrine

Kurt Eggert

Creighton Law Review

Predatory lending is a scourge of the modern American financial system. A recent analysis of this problem estimated that it costs U.S. borrowers $9.1 billion annually, even excluding what may be the greatest damage caused, residential foreclosures. [Fn5] Worse yet, mortgage fraud and unscrupulous lending appears to be increasing. [Fn6] Predatory lending is the process of engaging in unfair and deceptive lending practices and sales techniques that rely on misrepresentation, threats, unfair pressure, and borrower ignorance. The goal of predatory lending is to coerce or trick homeowners into obtaining loans with interest rates or fees higher than the borrowers' credit profiles and the market would justify or loans larger than or different from what the borrowers need, want or can afford.

3/29/02

Borrower Beware: Don't Get Taken For a Lending Ride

Kenneth Harney

Newsday.com

 

California Department of Corporations

The allegations against California-based First Alliance Co. were chilling: The lender was charged with intentionally misleading thousands of its customers into believing they were signing up for low- or no-fee mortgages, while in fact some loans had as much as $25,000 in fees tucked away per $100,000 of principal.

Borrowers Beware

By Teresa Dixon Murray
  The Plain Dealer 

Tom, who has spent several hours every week for the last 16 months trying to fix the problems, says he can no longer stand to think about what the lender has done to his family. "I'm so tired," he says. "Things happen, little things, and I can't take it. Mentally I'm losing it. Why can't somebody do something so this doesn't happen to people?"

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