Archive for the ‘Mortgage Industry’ tag
Operation Malicious Mortgage Yields 400 Arrests
Following the third major “sweep” of the mortgage
industry in four years, the U.S. Department of Justice (DOJ) and
the Federal Bureau of Investigation (FBI) announced on Thursday that it
had arrested over 400 real estate industry players since March, dozens of
them over the last two days, for incidences of mortgage fraud that have
contributed to the housing crisis.
Results from Piecemeal Housing Plans Leave Doubts About Effectiveness
Even as the House of Representatives passed two housing rescue
bills and the Senate wrestles over a bill of its own,
criticism is raining down on those remedies to the
housing crisis that are already in place.
There are so many piecemeal plans operating such as Hope Now, Project
Lifeline and FHA Secure that it is hard to make any blanket assessment of
performance, but a few initiatives stand out.
Also under fire, not unexpectedly, are proposed new rules for
regulating the mortgage industry…
Task Force May Widen Federal and State Investigation into Mortgage Irregularities
Investigations into events surrounding the
virtual collapse of the mortgage lending industry are
expanding on a number of levels.
In addition to examining the general poor underwriting that appears to
have formed the basis of the subprime crisis such as ignoring poor credit
or inflating or failing to document income, prosecutors are also
investigating how lenders may have defrauded Wall Street
banks. For instance, did some lenders lie to Wall Street firms
about…