So I’m sitting here in a continuing education today getting the credit for my eight hours that I needed for 2011. As of the time I’m writing this we are going through: THE NATION’S FAIR HOUSING ACT The certified instructor is talking about discrimination, rules, regs, American’s with disabilities, more rules, ECOA, more rules and more rules and the conversation digresses to fraud. He takes a time out to discuss the effect that these rules have had within lending and our housing industry. He … (56 comments)
fraud: When A Client Commits Fraud
- 05/21/09 12:50 AM
There's a client out there waiting to buck the system. Wants money, but doesn't want to or have the capability to play by the rules. I was notified by a builder yesterday that there's someone out there (they even gave me the name of the person) who is into scamming mortgage companies through fraud. The person gives false information. They give a legitimate social security number, but they give fraudulent documents, including W-2's and paystubs and bank statements. We'll pull the credit, run it through and automated underwriting system (AUS) and approve the loan. We'll go to closing and get the … (14 comments)
fraud: Countrywide Execs benefitting from Countrywide Collapse....
- 03/04/09 02:07 PM
As reported yesterday. I've modified the report to talk about the absurdity of these so called leaders. Whether they deserve to be or not, Countrywide Financial and its top executives would be on most lists of those who share blame for the nation's economic crisis. After all, the banking behemoth made risky loans to tens of thousands of Americans, helping set off a chain of events that has the economy staggering. So it may come as a surprise that a dozen top Countrywide executives now stand to make millions from the home mortgage mess. The team of former company executives have … (73 comments)
fraud: Countrywide Announces Identity THEFT by one of it's employees.
- 09/18/08 04:41 AM
This post is not there to throw Countrywide under the bus. They are already living under the bus due to a lot of bad mismanagement. However, this is not to throw them under the bus. Something bad happened and you as the consumer needs to know. A Countrywide employee took a myriad of CLIENT'S INFORMATION and distributed this information to unauthorized people outside of Countrywide. The ISSUE is that your information may be out there in some evil person's hands. Any company may have experienced the bad employee. What makes this so bad is that this affects so many people. Many of … (6 comments)
fraud: Countrywide gets sued again...
- 08/13/08 02:38 PM
The headline of Orginator Times today read....Countrywide Sued By Another State for Inducing Consumers to Take Out Loans They Couldn't Afford. Unfortunately, this was first seen when the attorney general of Illinois filded suit against CW. Illinois was the first state. Now West Virginia joins the ranks as well. The Attorney General for West Virginia alleges Countrywide made loans to West Virginia consumers on terms that were unaffordable and unconscionable. These loans exposed consumers to foreclosure and loss of their homes. Countrywide also used unfair and deceptive acts or practices to make loans and service loans. For example, Countrywide induced consumers … (16 comments)
fraud: Countrywide is at it again in Illinois - State of Illinois Files Suit against CW!
- 06/25/08 02:31 PM
"Countrywide's unfair lending practices have harmed tens of thousands of borrowers who've been placed in unaffordable loans and, as a result, our communities are now being destabilized by a skyrocketing number of home foreclosures," Lisa Madigan said in a statement Wednesday. Her office said that the company played a "major role" in the foreclosure crisis, all in an attempt to dominate the U.S. mortgage market. "Countrywide repeatedly qualified borrowers for mortgage loans based on salaries that were significantly higher than what they really made," Madigan added. "As a result, Countrywide put borrowers into loans that they could never afford, leading to … (5 comments)
fraud: Mortgage Fraud - Finally a message is being sent!!!!
- 06/19/08 03:10 PM
Every year we have more regulations, more tests, more certifications. While I do think that certifications are good, the real issue is the fact that the crooks keep getting away with it. I have always hated that. I really do. According to today's Chicago Tribune.....TODAY, the Feds came in and busted more than 67 people in Chicago. The Department of Justice, DOJ, arrested these people for mortgage fraud in a sting called Operation Malicious Mortgage. They busted mortgage brokers, loan officers, realtors, homebuilders and lawyers......Get this (I can say this b/c I'm a lawyer)...the lawyers now have to hire lawyers to … (6 comments)
fraud: Outrageous Closing #3
- 09/15/07 02:51 PM
OK....here's the grand finale....Just this year there was a closing at Chicago Title where the sellers were at closing. Husband tells wife, after they get the proceeds check, to hang tight and he'll go get the moving van that had been loaded up and then he'll come by and pick her up for their trip to Arizona. She says fine, and that she'll finish up and wait for him to get the truck. Husband goes and picks up moving truck with furniture and takes proceeds check with him. He NEVER CALLS....NEVER STOPS BY...JUST VANISHES. Wife waits, then calls, but still no answer. … (9 comments)
fraud: Outrageous Closing #2
- 09/15/07 02:35 PM
When I first became and attorney and BEFORE I became a lender, someone at Chicato Title told me this incredibly outrageous story. I checked out the story and it was validated, but this is insane. Man and wife come to closing to sell their home at Chicago Title. They go and sell their home. They take proceeds and leave town. One week later the wife, THE REAL WIFE, returns as a business executive from Europe and goes home. Turns out that the key won't open the door. LONG STORY SHORT.... Wife comes home and can't get in her home. Turns out wife was in … (8 comments)
fraud: Have all the people wearing white hats gone away? Mortgage Fraud
- 07/25/07 05:08 PM
It seems that every time you turn around there is another story about mortgage fraud or about the sub-prime market going asunder. I'm not sure how many people have actually put the two together. In other words....could there be high defaults within the mortgage industry because of so much mortgage fraud? That seems to be a great parallel. I don't get it. I want to make a buck as much as anyone. I keep telling God to give me patience, but damn it, give it to me now. In other words...I'm an impatient kind of guy. Anyway....I've always been persistant in … (10 comments)
1 “Let not your heart be troubled; you believe in God, believe also in Me. 2 In My Father’s house are many mansions; if it were not so, I would have told you. I go to prepare a place for you. 3 And if I go and prepare a place for you, I will come again and receive you to Myself; that where I am, there you may be also. 4 And where I go you know, and the way you know.” (John 14:1-4, New King James Version)
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