The 67 area defendants, charged in a dozen different cases, are among more than 400 snagged across the country in Operation Malicious Mortgage, “a nationwide initiative against fraudulent home lending schemes,” according to a press release from the U.S. Attorney’s office.
Prosecutors allege that more than $170 million in fraudulently-obtained home mortgages were issued by various [...]
A slate of bills seeking to rein in the type of risky lending practices that contributed to California’s housing collapse ran aground in a Senate committee Wednesday.
The legislative package had previously passed the Assembly but ran into tough questioning from the bipartisan panel after bankers and brokers raised concerns.
“California’s economy, current borrowers and future borrowers [...]
Within 15 months of his last purchase in January 2007, he lost all 38 homes, including his own residence, through foreclosure because he’d stopped making mortgage payments. The foreclosures saddled his lenders — which were all out-of-state institutions — with more than $3.5 million in unpaid mortgage debt, according to Kalamazoo County records.
Hixon, 48, says [...]
When I started originating loans more than 20 years ago, sellers were leery of an offer to buy their home that depended on a loan that allowed a down payment of just 5 percent. A loan with that low of a down payment down was rare and was not trusted as being dependable by sellers [...]
SCOTLAND has seen a 20 per cent slump in the number of new home loans, according to the first in-depth report from the Council of Mortgage Lenders on the housing market north of the Border.
The CML said there were 16,000 loans for house purchase agreed in the three months to April, down from 20,000 in [...]
Like many new entrepreneurs, Lee Richards struggled for a few years after founding Acadia Sports, an Irving mail-order business that sells fishing gear.
By his fourth year this year, sales were steady and he saw an opportunity to expand. But when he needed money to buy more inventory, his loan applications were rejected. “If you don’t [...]
PREDATORY non-bank lenders and mortgage brokers could face hefty fines, and even jail, under a move towards a national system of regulation proposed by the Federal Government.
The Government has released a green paper outlining areas where the states will transfer powers to the Commonwealth, to ensure better protection for “mum and dad” investors and mortgage [...]
PREDATORY lending by mortgage brokers will be outlawed after the largely unregulated mortgage industry is brought under Federal Government control as part of proposed reforms unveiled yesterday.
A green paper on the replacement of disjointed state regulation by a Federal Government regulator was released by the Minister for Corporate Law, Nick Sherry.
The financial services and credit [...]
The struggling non-bank lenders could face greater scrutiny from the Federal Government, which plans to take over the regulation of the mortgage industry.
The Treasury Green Paper released today has recommended that the mortgage broker sector is one area of the current lending market that requires greater regulation to cut down on the number of unscrupulous [...]
That’s the approach we in the General Assembly have taken to the home mortgage crisis, believing that big-government intervention can make a bad situation worse.
In the late 1970s, because of something known as “redlining,” in which some banks discriminated against certain neighborhoods, Congress passed legislation that led to the easing of restrictions of lending for [...]
