mortgage fraud: HUD Tightening FHA Cash-Out Limits
- 03/19/09 04:45 AM
American Banker (03/18/09) P. 11To compete with subprime lenders, HUD several years ago boosted the maximum loan-to-value ratio for FHA cash-out refinancings on one- to four-family properties to 95 percent. However, higher default rates and home-price declines have prompted the agency to lower the maximum LTV to 85 percent beginning on April 1. FHA Commissioner Brian Montgomery says permanent changes will not be made until the agency has reviewed its portfolio and the housing and mortgage markets. … (0 comments)
mortgage fraud: Mortgage Rates May Fall to Lowest Since WWII on Fed Purchases
- 03/19/09 04:07 AM
Bloomberg (03/19/09) Louis, BrianThe Federal Reserve has committed to purchase up to $300 billion in Treasuries and, now, an additional $750 billion in agency mortgage-backed securities, bringing its bond purchase commitment to $1.25 trillion. Officials released a statement following their policymaking session saying that the moves are meant "to provide greater support to mortgage lending and housing markets." Weiss Research property analyst Mike Larson says the purchases by the central bank could lower the 30-year fixed mortgage rate to 4.5 percent, marking the lowest level since 4.7 percent in 1945. … (1 comments)
mortgage fraud: Mortgage Fraud Up Record 26% in 2008
- 03/17/09 07:07 AM
MARI: Mortgage Fraud Up Record 26% in 2008 LAS VEGAS-- Reported incidents of mortgage fraud increased by 26 percent in 2008 to unprecedented levels, the Mortgage Asset Research Institute said yesterday in its annual report to the Mortgage Bankers Association. MARI's 11th Periodic Mortgage Fraud Case Report to MBA found that Rhode Island ranked highest in incidents of reported mortgage fraud, with more than three times the expected amount of reported fraud for its origination volume. Rhode Island, making its first appearance on the MARI Top Ten list of states, was followed by Florida, Illinois, Georgia, Maryland, New York, Michigan, California, … (2 comments)
mortgage fraud: Relief of those who are facing foreclosure on their mortgages.
- 03/16/09 03:10 PM
1. Obama's plan appears to provide no relief for any homeowner whose mortgage exceeds the total value of his home. 2. About 20 percent of America's home mortgages are now worth more than the property they finance. 3. Obama rush to the aid of those who have been hurt in this bad economy, but exempting from his proposed relief anyone who has lost his job and seen a cut in income or whose property values have dropped below the amount of his mortgage. AnalysisWe have to solve the "F" word in the industry? Do you even dare to bring the "F" … (0 comments)
mortgage fraud: Forensic Mortgage Loan Audit by PreventMortgageFraud.com
- 03/01/09 03:54 AM
FORENSIC MORTGAGE LOAN AUDITS What is a forensic mortgage audit? A Forensic Mortgage Audit is the comprehensive review of all loan documentation including legal documents, transactional data, and other evidence pertaining to your real estate loan that has been funded. A forensic mortgage audit identifies any illegalities performed by the lender, their broker, or other parties in conjunction with the mortgage. During the audit process, skilled professionals review all documents received from your lender from the date you applied to the date you funded your loan including any envelopes, faxes, and emails to ensure that your loan meets all legal requirements … (3 comments)
mortgage fraud: Forensic Mortgage Loan Audit by PreventMortgageFraud.com
- 01/23/07 04:01 AM
Homeowners need to be Proactive In Handling Your Mortgage Problems! The first step you can take to stop foreclosure on your home is to avoid giving the bank any reason to believe it will not have its debt repaid! Homeowners will often avoid notices from their lenders after they have missed a payment. A bank, or other lender, seeks foreclosure when it has good reason to believe that it no longer has any chance of repayment of the debt it is owed. This is understandable and usually driven by embarrassment or the sense of helplessness on the part of the borrower. … (1 comments)
mortgage fraud: Homeowners are losing there homes due to dishonest lenders, Real Estate agents and so called investors!
- 10/16/06 04:23 PM
Where are the honest ethical Real Estate and Mortgage professionals? When are the good, honest hard working professionals going to stand up and help put an end to these terrible crimes that fraudsters commit to steal homes from families. I am an industry veteran that is a victim of mortgage fraud and our industry is saturated with “Willful Blindness”, and an “it is not my problem” mind-set. I know that the current fraud-prevention measures have a higher cost of doing business The price of detecting, reporting, and preventing fraud costs all of us more money, but if I would have had … (36 comments)
mortgage fraud: Can Anyone Help These People In Nevada- Real Estate Fraud
- 10/02/06 09:28 AM
To whom it may concern, which it should concern anyone in the Real Estate Industry!!!Please help me with this family!!!! This is how real estate fraud can affect hard working honest homeowners.Hi Michael - Thank you for your response. Things are not going well at all. I will try to copy the letter I faxed to several government agencies last week concerning the Emergency Order to Stay the Eviction & Restraining the dumpsters from being removed and emptied, but no one cares enough to intervene on our behalf so it looks pretty hopeless at this point. Any advise you can give us … (41 comments)
mortgage fraud: MORTGAGE FRAUD! Avoid becoming a victim
- 09/11/06 02:51 AM
"The average homeowner does not know that 7500-10,000 new loan applications every business day has some type of mortgage fraud involved.http://www.preventmortgagefraud.com/ most frequent web site questions is: "What can I do to protect myself from being a victim of mortgage fraud at the closing?" "The average homeowner does not know that 7500-10,000 new loan applications every business day has some type of mortgage fraud involved. We have 2 main types of mortgage fraud, Soft Fraud and Hard Fraud." Says Michael S. Richardson author of "An American Epidemic, Mortgage Fraud a Serious Business". The FBI also has stated that about 80% of … (1 comments)
mortgage fraud: Real Estate & Mortgage Fraud
- 08/26/06 04:52 AM
I have been in business for almost 26 years, and a successful person until as a business owner became a victim of mortgage fraud, I owned a mortgage company and real estate company and I lost my companies over this issue and the fraudsters are still out there working the system. As you might imagine, I have been devastated, the guilt by association has made me feel at times shameful, depressed, and alarmed. I have felt betrayed, violated, and taken advantage of by white-collar criminals. The Mortgage and Real estate industry is driving down the same road as the S & … (8 comments)
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