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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.
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.
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 ...
1997–2005: Mortgage fraud increased by 1,411 percent. [39] 2000–2003: Early 2000s recession (exact time varies by country). 2001–2005: United States housing bubble (part of the world housing bubble). 2001: US Federal Reserve lowers Federal funds rate eleven times, from 6.5% to 1.75%. [40]
"The FBI defines mortgage fraud as 'the intentional misstatement, misrepresentation, or omission by an applicant or other interest parties, relied on by a lender or underwriter to provide funding for, to purchase, or to insure a mortgage loan.'" [128] In 2004, the Federal Bureau of Investigation warned of an "epidemic" in mortgage fraud, an ...
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?
LOS ANGELES -- Jodie Foster's estranged father faces more than 25 years behind bars after being convicted of bilking more than $100,000 from the poor and elderly in a home-building scheme. City ...
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 ...