Wednesday, April 7, 2010 as of 11:14 AM ET
Mortgage fraud is a crime in which the intent is to materially misrepresent or omit information on a mortgage loan application to obtain a loan or to obtain a larger loan than would have been obtained had the lender or borrower known the truth.
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Predator creditors are after youBorrowing money in this economy is not easy.
But even if you are desperate to get a loan, don't let your guard down. Predator creditors are on the loose.These unscrupulous lenders prey on borrowers using deceit, manipulation, sales pressure and even fraud to get them to sign on the dotted line.The hallmarks of a predatory loan are exploitation and entrapment: These sky-high interest loans target consumers who have little ability to repay the loan, such as the elderly, people with limited education, those with weak credit histories and other low-income groups, according to the Durham, N.C.-based Center for Responsible Lending, a nonprofit research group.While predatory lending is often associated with payday loans and subprime mortgages, the practice can be found with any loan. And new schemes are cropping up every day -- online and off.Predators of all stripesAccording to the Center for Responsible Lending, predatory lending practices can happen in a wid...
Nevada Attorney General Catherine Cortez Masto on efforts to reduce mortgage fraud .
The federal government has sued Allied Home Mortgage Corp. and its CEO, Jim Hodge, over fraudulent lending practices totaling more than $834 million.According to a 4...
When is credit-card theft a good thing? When the culprits might otherwise be killing you.The Federal Bureau of Investigation says national gangs like the Bloods and ...
A federal judge rejected American International Group Inc's request to move its $10 billion mortgage fraud lawsuit against Bank of America Corp back to a New York st...
(Reuters) - Bank of America Corp asked a judge to disqualify the law firm representing AIG in the insurance company's $10 billion mortgage-fraud lawsuit against the ...
Ninety-one suspects, including doctors and nurses, have been charged in connection with a new rash of healthcare fraud schemes aimed at bilking the government out of...
By Joe RauchCHARLOTTE, North Carolina (Reuters) - Bank of America Corp <BAC.N> Chief Executive Brian Moynihan is running out of time to fix the largest U.S. bank.Aft...
Bank of America Corp.'s (NYSE:BAC) story has long been that Countrywide did it. But a lawsuit filed last week by the Federal Housing Finance Agency tells a different...
Through all the ups and downs of the U.S. economy, at least one industry continues to thrive."Mortgage fraud enables perpetrators to earn high profits through illici...
By Lily KuoWASHINGTON (Reuters) - Mortgage and investment schemes targeting troubled U.S. homeowners jumped in 2010 and may increase further if the economy does not ...
If high-flying CEOs, Wall Street bankers and wealthy investors can do it, the Los Angeles police can do it, too.Call it the trickle-down theory of financial fraud. O...
By Dan LevineSAN FRANCISCO (Reuters) - Wells Fargo & Co agreed to pay a $85 million civil penalty to the Federal Reserve Board, the largest fine the Fed has ever imp...
FBN's Liz MacDonald on who qualifies for Bank of America's loan reduction offers.
German regionally owned lender BayernLB is suing Deutsche Bank AG (DB) at the New York Supreme Court over residential mortgage-backed securities of a nominal value o...
FBN’s Stuart Varney sounds off on the lack of action in fighting mortgage fraud .
Mortgage fraud might seem like a deliberate, straightforward action: either you did it or you didn't. But in fact, any inattentive borrower could get caught up in a ...
DOW JONESNew York Attorney General Eric Schneiderman late Tuesday postponed a much-anticipated conference call with reporters, during which he was to announce whethe...
Standing in two rows, on marked positions and before dozens of reporters, ten federal and state law enforcement and administration officials announced the Friday mor...
One of the few people I've gotten to know who actually went to prison for mortgage fraud is a 50-year-old grandmother from Southern California named Maria Echeverria...
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