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Green Mirage scammers have impersonated more than 400 mortgage institutions and caused hundreds of thousands of dollars of losses to deceived homeowners, many of whom only learn of the fraud when ...
Seniors lose more money by far to scams than any other demographic, with the median loss totaling $350, the Better Business Bureau found. And not surprisingly, there has also been a tide of ...
The FBI Internet Crime Complaint Center (IC3) received more than 101,000 reports of scams and fraud against people ages 60 and older in 2023, causing seniors to lose over $3.4 billion. And those ...
9. Reverse Mortgage. Reverse mortgages, or home-equity conversion mortgages, increased by a staggering 1,300% between 1999 and 2008 (the property crash). They're still a popular target for ...
Mortgage elimination is a type of mortgage fraud in the United States.In this scam, the promoter first convinces a mortgage holder that the debt that has been contracted is invalid or legally unenforceable, usually due to a combination of alleged technicalities in the note, deed of trust, or other loan documentation signed; the promoters often link their rationale for debt elimination to ...
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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 ...
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 ...