All Posts Tagged With: "fraud"
Should Mortgage Robo-Signers Go To Jail?
John O’Brien is a Register of Deeds based in Salem, Massachusetts. Instead of burning witches, O’Brien believes we should investigate the people who created the notes and documents that have now destabilized the entire property records system. He also believes those who are guilty of criminal conduct should go to jail and not merely face [...]
23Jan2012 | Peter G. Miller | 1 comment | Continued
Why Mortgage “Checks” Are Not In The Mail
The checks are no longer in the mail and this is one time you really can blame the government. Until recently the daily mail would often include one or more “checks” to buy or refinance real estate. Such checks looked real with lots of “official” numbers and “genuine” markings. Most importantly, they included your name [...]
27Oct2011 | Peter G. Miller | 0 comments | Continued
New HUD Rule Goes After Fake Mortgage Loan Letters
Did you ever wonder why you get so many letters and emails from lenders who offer low mortgage quotes and seem to be affiliated with the FHA or HUD? The answer, very simply, is that you ought to wonder. Why? Lenders are not supposed to imply or infer any endorsement from the federal government. In [...]
26Apr2011 | Peter G. Miller | 0 comments | Continued
Can We Undo Botched Mortgage Foreclosures?
Lenders may be on the hook for billions in claims from borrowers who were improperly foreclosed. Several stories in the past few days raise the idea that huge numbers of foreclosures may have been incorrectly processed. This is not a minor glitch or “technicality,” it potentially involves vast armies of people who lost their homes [...]
23Sep2010 | Peter G. Miller | 0 comments | Continued
This Mortgage Lender Is A Fake (Don’t Just Take Our Word For It)
You can’t help but wonder about the good folks at Esteemed Lending Services. They seem so sure, so certain, so familiar…. If you want a mortgage, Esteemed has one for you. Recent bankruptcy? No problem? A foreclosure last month? So what. Less income? They can work with you. And help with short sales? Who could [...]
14Jun2010 | Peter G. Miller | 0 comments | Continued
SEC — No Help For Mortgage Borrowers
The news is now filled with SEC accusations that Goldman Sachs defrauded investors who bought mortgage-backed securities, allegations Goldman Sachs strongly denies. But nowhere in the news do we hear of any effort to help the mortgage borrowers whose screwing made the financial meltdown possible. While the SEC is concerned about helping securities investors who [...]
19Apr2010 | Peter G. Miller | 0 comments | Continued
Is Foreclosure Flipping Legal & Legit?
If by foreclosure flipping we mean quickly buying and re-selling a foreclosed property bought from a lender then there’s no reason why such a transaction cannot be legal and legit. Think about stock. You buy stock in the morning and sell it in the evening. You flipped the stock. Does anyone care? No. Think about [...]
14Feb2010 | Peter G. Miller | 0 comments | Continued
Mortgages: No Jail Time For Lenders
Why have so few lenders gone to jail? In part because neither predatory lending or insider trading with commodities are federal crimes.
4Sep2009 | Peter G. Miller | 0 comments | Continued
Mortgage News: The Crime of the Century
In New York two stock brokers have been found guilty of securities bait-and-switch. The two men face decades of jail time for defrauding investors by selling securities which were described as being backed by federally-guaranteed student loans when in fact they were actually auction-rate securities, a more risky financial product. So, let’s review. It’s illegal [...]
19Aug2009 | Peter G. Miller | 0 comments | Continued
No Predatory Lending In 2008?
The FBI is out with its latest annual mortgage fraud tally and the news is fairly grim: Despite a reduction in loan originations, fraud filings from financial institutions increased 36 percent to 63,713 in fiscal 2008 compared to 46,717 filings a year earlier. This is an unhappy statistic, but it does not tell the whole [...]
8Jul2009 | Peter G. Miller | 0 comments | Continued
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