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[20] [21] Since the 2010 crisis, 62 million mortgages are held in the name of MERS, [22] and MERS has initiated thousands of foreclosures in the United States, claiming to be the mortgagee of record. Lawyers have contended in court that MERS has no legal right to initiate a foreclosure, because MERS does not own the loans in question.
The bank officials sanctioned large-scale corporate loans to realty developers, overriding mandatory conditions for such approvals along with other irregularities. [1] The Central Bureau of investigation arrested number of high official from the several financial institutes in India in connection with the housing scam in 24 November 2010.
You don't often hear about the bank perpetrating the fraud. Until now. Ally Financial's home loan unit, GMAC Mortgage, has a 13-person team dedicated to processing and signing all the foreclosure ...
One filed a motion in a case involving a Bechakas assignment to ask the court to find it invalid. Now that some 40 state attorneys general are on the case , I expect to hear many similar stories.
The Housing and Community Development Act of 1992 established, for the first time, a mandate to Fannie Mae and Freddie Mac for loans to enable home ownership of less expensive housing, a mandate to be regulated by the Department of Housing and Urban Development (HUD). Initially, the 1992 legislation required that 30% or more of Fannie's and ...
Was the financial crisis caused by "systemic failure" or mortgage fraud? Or a combination of the two? And why are so many American homeowners still paying the price? When Travis Paules worked as a ...
Two mortgage firms were accused of telling elderly property owners they would received up-front cash for their land, but paid in trickles or forced them to accept lower amounts of money. Texas ...
The Senate, earlier had passed a bill by an 83 to 7 margin to bar ACORN from receiving federal housing grants from the Department of Housing and Urban Development. [ 52 ] Although the resolutions were later nullified in a federal court ruling that the measure was an unconstitutional bill of attainder , on August 13, 2010, a federal appeals ...