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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.
A multimillion-dollar scam by real estate agents and loan officers, in collusion with homebuyers, left mortgage lenders in the dust, authorities say. Two real estate agents and two mortgage loan ...
“The defendants persuaded a lender to loan them over $20 million by putting up Bitwise’s buildings as collateral,” said federal prosector Phillip Talbert, U.S. Attorney for the eastern ...
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.
Detectives probing the death of a 96-year-old California woman nearly two years ago have uncovered she was the victim of an elaborate murder-for-hire and reverse-mortgage scam that sought to gain ...
The recent use of subprime mortgages, adjustable rate mortgages, interest-only mortgages, Credit default swaps, Collateralized debt obligations, Frozen credit markets and stated income loans (a subset of "Alt-A" loans, where the borrower did not have to provide documentation to substantiate the income stated on the application; these loans were ...
The calls started last November. Speaking in Spanish, a representative from New Century Solutions in Lake Forest, Calif., pitched Jose Chirino to purchase a forensic loan audit. For $2,995, the ...
A loan sale is a sale, often by a bank, under contract of all or part of the cash stream from a specific loan, thereby removing the loan from the bank's balance sheet. Often subprime loans from failed banks in the United States are sold by the Federal Deposit Insurance Corporation (FDIC) in an online auction format through companies. Performing ...