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U.S. lending laws state that only the owner of a loan can initiate a foreclosure. [21] [22] Class action law suits against MERS are pending in California, Nevada, and Arizona. State courts remain sharply divided on the propriety of this practice. State supreme courts in Maine, Arkansas, and Kansas have ruled against MERS right to file for ...
[103] [104] The chairman of the Mortgage Bankers Association claimed that mortgage brokers, while profiting from the home loan boom, did not do enough to examine whether borrowers could repay. [105] Mortgage fraud by lenders and borrowers increased enormously. [106] A mortgage brokerage in the US advertising subprime mortgages in July 2008
At least one judge in a case involving her documents has recognized the conflict of interest inherent in a law firm assigning the property of one entity, presumably its client, to another entity ...
In December 2010, the SEC, the Department of Justice and other federal and state agencies announced the results of "Operation Broken Trust", a coordinated effort by the Financial Fraud Enforcement Task Force to target investment fraud. The operation resulted in prosecutions against 310 criminal defendants involving $8.3 billion in losses and ...
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 ...
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?
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.
By Kerri Panchuk Mortgage fraud activity slowed overall in the third quarter, but California ranks first in home loan fraud, with the state seeing as much as $204.2 million in losses on deceptive ...