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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 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 ...
"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 ...
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 ...
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 ...
source: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States, p.229, figure 11.4 Credit rating agencies came under scrutiny following the mortgage crisis for giving investment-grade, "money safe" ratings to securitized mortgages (in the form of securities known as mortgage-backed securities (MBS) and collateralized debt obligations ...
When Renate Brevard of New Carrollton, Md., refinanced the three-bedroom home she purchased for $108,000 a few years ago, she thought she was doing the smart thing. Trouble is, she didn't know the ...
NeighborWorks, a national nonprofit created by Congress in 1974, has launched a campaign that is loan modification scam central: tips on how to spot scams, numbers to call if you suspect you are ...