All Posts Tagged With: "lending"
New Mortgage Loan Protections Outlined in Wall Street Reform
The House Financial Services Committee has released a summary of the major changes included in the Wall Street Reform and Consumer Protection Act. These are items which have been accepted by a conference committee of the House and Senate. If the conference report is passed by both houses, the measure will then go to the [...]
27Jun2010 | Peter G. Miller | 0 comments | Continued
FBI Expanding Fight Against Mortgage Scams
The FBI is adding a large number of agents to fight mortgage fraud and predatory lending, but will it be enough?
Speaking before the Senate Judiciary Committee last year, FBI Assistant Director Kevin L. Perkins noted that the FBI now has new funding to chase mortgage fraudsters under the Financial Intelligence Center (FIC).
The FIC, says [...]
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 for stock [...]
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 story. [...]
Who Should Loan Officers Represent?
For all the talk of foreclosures and failing lenders, the bottom line is this: The mortgage lending system is both sound and hugely successful. Despite the headlines, most borrowers are making payments. Even among subprime borrowers — the borrowers most in the news — 81 percent are making their monthly loan payments as of mid-2008.
“The [...]
Should We Bring Back Ozzie & Harriet Loans?
It was in 2005 that Bill Dallas — then president and CEO of Ownit Mortgage Solutions, at the time on one of the 15 largest subprime mortgage lenders in the country — said “underwriting guidelines developed in the 1950s don’t address the needs of today’s homebuyers and brokers. Loans that met the needs of Ozzie [...]
26Sep2008 | Peter G. Miller | 0 comments | Continued
Here’s A Fact: Predatory Lending Is Not A Crime
Speaking before big-shot investors on Wall Street last week, assistant Treasury secretary Anthony Ryan said the marketplace needs to be protected against financial predators.
“While predation is the law of the jungle in nature, as civilized society, we need to have laws in place to protect investors and consumers,” Ryan told the Securities Industry and [...]
Why Is Illegal Flipping A White-Collar Crime?
Hardly a week passes without more revelations of illegal flipping. Typical of what you see has been the recent situation in Cincinnati where more than three dozen people have been convicted in a $50 million illegal flipping scam.
Timothy Husvar, according to the Cincinnati Enquirer, was involved in illegal flipping worth $2.3 million over a [...]
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