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Broker Caught Arranging $10k Contract Killing For Custody
A 30-year-old mortgage broker allegedly attempted to hire a contract killer to murder his ex-girlfriend in a gruesome effort to gain custody of their 5-year-old son, but unwittingly made the arrangements with an undercover investigator.
Read More... Thursday, August 28, 2008
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Bank Profits Drop 87% As Late Loans Outpace Provisions
Banking industry earnings fell 87% as ballooning loan-loss provisions pummeled FDIC-backed financial institutions, despite a failure to adequately cover noncurrent loans for the ninth consecutive quarter, according to the latest release of the FDIC's Quarterly Banking Profile.
Read More... Thursday, August 28, 2008
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FDIC: IndyMac Costs Could Force Borrowing From Treasury
The Federal Deposit Insurance Corp. (FDIC) said that the failure of mortgage lender IndyMac Bancorp Inc. is likely to take a larger toll on the agency’s insured deposit fund than originally expected, a possibility which could force the FDIC to borrow from the U.S. Treasury to brace for more bank failures.
Read More... Thursday, August 28, 2008
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Mortgage Demand Up Slightly After Two Weeks of Declines
Graph: MBA Applications Index over 52 Weeks
Click "read more" to see a detailed breakdown of the weekly report on mortgage demand.
Read More... Thursday, August 28, 2008
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Extradited From Jamaica, Husband Heads to Prison
After being extradited from Jamaica last month, Delroy Patterson pled guilty to aggravated identity theft and was immediately sentenced to prison as his wife remains in Jamaica to challenge her own extradition proceedings for her alleged role in the same $10 million mortgage fraud conspiracy.
Read More... Wednesday, August 27, 2008
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Fed Regulators Issue Guidance As Lenders Limit HELOCs
With lenders increasingly hesitant to extend home equity lines of credit (HELOCs) to homeowners, the Office of Thrift Supervision (OTS) has issued a new guidance to remind the financial institutions it regulates of their obligations to comply with consumer protection measures.
Read More... Wednesday, August 27, 2008
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Fannie Mae Serious Delinquencies Doubled
While Fannie Mae noted an expanded book of business for July, the government-sponsored enterprise (GSE) also saw its level of serious delinquencies continue to climb for the thirteenth consecutive month to more than double the year-ago period.
Read More... Wednesday, August 27, 2008
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New Home Sales Up After a Revision, Prices Still Dropping
The Census Bureau continued to sharply revise new home sales downward, which helps account for a slight rise in July from the previous month as home prices show no sign of ending their decline.
Read More... Wednesday, August 27, 2008
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Recovering From Heart Surgery, Ringleader Turned Fugitive
Convicted in March of multiple counts of fraud as the ringleader of a $4.5 million fraud conspiracy, 48-year-old Cornelius Craig Robinson had his sentencing delayed until August to recuperate from open heart surgery.
Read More... Tuesday, August 26, 2008
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Before Regulator’s Ouster, Florida Highest in Mortgage Fraud
In the wake of the recent ouster of Florida’s top mortgage regulator after allowing thousands of criminals to become professionals in the industry, a new report by the Mortgage Asset Research Institute (MARI) found that the state once more led the nation in the first quarter as mortgage fraud climbed 42% nationally from a year earlier.
Read More... Tuesday, August 26, 2008
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Wachovia Limits Home Equity Lines in Falling Markets
Reeling from an $8.86 billion second-quarter loss, Wachovia Corp. has begun a strategy for minimizing its deep mortgage-related losses, including a recent decision to suspend or reduce home equity lines of credit for some of its customers in deteriorating housing markets.
Read More... Tuesday, August 26, 2008
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Existing Home Inventory Hits Record High As Sales Climb
Click “read more” to view several graphs providing a detailed breakdown of existing home sales, inventory, and home prices for the last 12 months.
Read More... Tuesday, August 26, 2008
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Elderly Man Given Lesser Sentence in Aaron Dare Scheme
A 71-year-old codefendant of former Urban League president, Aaron Dare, was able to secure a prison sentence that was less than a quarter of the minimum under federal sentencing guidelines, despite the urging of the prosecutor for a harsher sentence.
Read More... Monday, August 25, 2008
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McMahon Sells Home As Spokesman Jokes About McCain
After a much-publicized fight against foreclosure, television personality Ed McMahon has finally found a buyer for his multimillion-dollar Beverly Hills mansion, according to his spokesman, who could not resist venturing a joke tying the purchase to a recent gaffe about homeownership by presidential nominee Sen. John McCain.
Read More... Monday, August 25, 2008
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Warren Buffett: “Game is Over” For Fannie and Freddie
Billionaire investor Warren Buffett said “the game is over” for Fannie Mae and Freddie Mac, suggesting “the scale of help” required by the two government-sponsored enterprises (GSEs) is too great for the private sector, an assessment that seemed to be reaffirmed when Moody's Investors Service downgraded the two companies to near-junk status.
Read More... Monday, August 25, 2008
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California Rejects Probe Into Senator’s IndyMac Warnings
A request has been denied for an investigation into the role played by Sen. Charles Schumer (D-NY) in the collapse of IndyMac Bancorp Inc. after he publicly released a letter to regulators questioning the company’s solvency in statements which prompted depositors to withdraw $1.3 billion over the next 11 days.
Read More... Monday, August 25, 2008
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Imprisoned Broker Sued By More Victims of $40 Million Scheme
Although Wesley A. Snyder is currently serving over 12 years in prison for a massive fraud scheme, some of his 811 victims have proceeded with lawsuits charging the broker and the Florida securities firm that licensed him in an effort to reclaim hundreds of thousands of dollars.
Read More... Friday, August 22, 2008
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Fannie and Freddie Bow Out of Presidential Conventions
With ties to the mortgage industry becoming politically radioactive, Fannie Mae and Freddie Mac have had second thoughts about their participation in scheduled events they were set to sponsor during the Democratic and Republican National Conventions.
Read More... Friday, August 22, 2008
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NovaStar Has “Substantial Doubts” About Company Survival
Just days after the acquisition of an appraisal company, NovaStar Financial Inc. told regulators that negative cash flows and a shareholders’ deficit raise “substantial doubt” about its ability to avoid collapse.
Read More... Friday, August 22, 2008
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Mortgage Rates Fall Slightly For The Week
Graph: Average 30-year Fixed-Rate Mortgage over 52 weeks
Click “read more” to view a detailed breakdown of the weekly averages for a number of fixed-rate and adjustable-rate mortgage loans.
Read More... Friday, August 22, 2008
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