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The Fraud Enforcement and Recovery Act of 2009, or FERA, Pub. L. 111–21 (text), S. 386, 123 Stat. 1617, enacted May 20, 2009, is a public law in the United States enacted in 2009. The law enhanced criminal enforcement of federal fraud laws, especially regarding financial institutions, mortgage fraud, and securities fraud or commodities fraud.
Subprime loans targeted at vulnerable and unsophisticated homeowners often lead to foreclosure, and those victims more often fall to equity stripping scams. [2] 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.
The United States Housing and Economic Recovery Act of 2008 (commonly referred to as HERA) was designed primarily to address the subprime mortgage crisis.It authorized the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders wrote down principal loan balances to 90 percent of current appraisal value.
Foreclosure proceedings in courts nationwide have exposed a swamp of fraudulent documents, and in some cases -- though perhaps far too few -- those bad docs have sunk attempts by banks to take ...
The former president of one of the largest homeowners associations in Florida, ... that they believe siphoned as much as $2 million from a residential community the size of Key Biscayne or Miami ...
For example, a lender advertising a home loan might have advertised the loan with a 5% interest rate, but then when one applies for the loan one is told that one must use the lender's affiliated title insurance company and pay $5,000 for the service, whereas the normal rate is $1,000. The title company would then have paid $4,000 to the lender.
Feds say Carl Charles began running the fraud in March 2020. Here’s what he’s bought since then. Check out the Florida homes bought by a man accused of a $2.5 million COVID relief fraud
Rather, it requires uniform or standardized disclosure of costs and charges so that consumers can shop. It also imposes limitations on home equity plans that are subject to the requirements of 12 CFR 1026.40 and certain "higher-priced" mortgage loans (HPMLs) that are subject to the requirements of 12 CFR 1026.35.