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Natasha Sharpe was also implicated in approving $32 million in loans to Gary Ng's companies, with Mr. Ng paying the Sharpes $1 million. David Sharpe received $19.5 million in kickbacks from Sean McCoshen, with $18.2 million traced to investor funds. [20] The tribunal found the Sharpes guilty of fraud, document forgery, and misleading investigators.
[1] [2] Sometimes the factor's charges paid by the seller (the factor's "client") covers a discount fee, additional credit risk the factor must assume, and other services provided. [13] The factor's overall profit is the difference between the price it paid for the invoice and the money received from the debtor, less the amount lost due to non ...
Additionally, some do consider equity stripping, in essence, a form of predatory lending since the scam works essentially like a high-cost and risky refinancing. Equity stripping, however, is conducted almost always by local agents and investors, while traditional predatory lending is carried out by large banks or national companies. [3]
The true cost of your loan. Once you’ve converted your factor rate to an interest rate, use a business loan calculator to see how much the same loan would cost with an APR. For the $100,000 loan ...
Mortgage fraud by borrowers from US Department of the Treasury [7]. Mortgage fraud may be perpetrated by one or more participants in a loan transaction, including the borrower; a loan officer who originates the mortgage; a real estate agent, appraiser, a title or escrow representative or attorney; or by multiple parties as in the example of the fraud ring described above.
Pontiac-based United Wholesale Mortgage, now the nation's top mortgage lender, this week found itself in the crosshairs of a new activist hedge fund — on a mission to tank the company's stock ...
MyPillow owner and CEO Mike Lindell is suing a loan provider, alleging his firm was deceived into borrowing $1.6 million at a 409% interest rate, according to a lawsuit filed in Minnesota.
Mortgage loan insurance is mandatory for federally-regulated lenders in Canada when the buyer of a home has less than a 20% down payment. [49] This insurance protects the mortgage lender against loss if a borrower defaults, and allows qualified borrowers to access homeownership at interest rates comparable to those offered to buyers with larger ...