Archive for the ‘Mortgage Broker’ tag
Thousands of Felons Issued Mortgage Licenses in Florida
The Miami Herald’s investigative team reported on Sunday that the
state has approved over 10,000 mortgage broker licenses for
convicted felons since 2000; over 4,000 were issued to
individuals who had been convicted of crimes such as fraud,
extortion, racketeering, and bank robbery crimes that are
specifically prohibited by the licensing statute…
Is Any Company Safe from Subprime Related Lawsuits?
…He cites as examples appraisers, “fee hungry” mortgage brokers, and
real estate agents who participated in putting home buyers into subprime
mortgages they could not afford.
There may also be, as Lenckus
puts it, an unknown number of “widget manufacturers”
which bought various mortgage- backed financial instruments as
investments that must now be devalued. This will impact the company’s
bottom line and provide an impetus for shareholder suits.
Even
companies that did not invest in subprime instruments
may be vulnerable…