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The Consumer Financial Protection Bureau (CFPB), together with attorneys general and state banking regulators in 49 states, and the District of Columbia obtained a Consent Judgment requiring Ocwen Financial Corporation—who at the time, was the largest nonbank mortgage loan servicer in the country—and its subsidiary, Ocwen Loan Servicing, to ...
Homeowners across the U.S. are being targeted in a sophisticated scam in which callers pose as mortgage lenders to defraud people out of hundreds of thousands of dollars, the Federal ...
Equity stripping or equity skimming is a variation on lease-buyback and is one of the most common types of foreclosure rescue schemes. [4] In it, the perpetrator assumes ownership of the house while allowing the former owner to continue living there, provided that s/he pay rent to the perpetrator, who is the new owner.
"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 ...
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 ...
Inquiries and complaints about so-called forensic loan audits, aimed at getting mortgage modifications, are soaring -- leading consumer groups to warn that many of them are scams. Consumers need ...
Foreclosure rescue in the United States is where a mortgage that is in arrears and where the lender is at the stage of foreclosing on the loan agrees to stop the foreclosure in exchange for funds received through loan modification or from a government grant. It may also refer to funds that allow the homeowner to repurchase the property at or ...
But reports of mortgage fraud in the third quarter of 2009 (the most recent set of figures) show a hefty 7.5 percent. I can't exactly say this bit of news comes as a surprise, given the current ...