News

Employees at Freddie Mac Should Be In Jail For This

Did Your Bank Wrongfully Seek to Foreclose on You? Freddie Mac, the taxpayer-owned mortgage giant, has placed multibillion-dollar bets that pay off if homeowners stay trapped in expensive mortgages with interest rates well above current rates. Freddie began increasing these bets dramatically in late 2010, the same time that the company was making it harder for homeowners to get out of such high-interest mortgages.
by Jesse Eisinger, ProPublica and Chris Arnold, NPR News
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Michigan Makes Mortgage Fraud a Felony

Commit residential mortgage fraud in Michigan and you could spend up to 20 years in prison and pay half a million dollars in fines. Michigan governor Rick Snyder hopes that these penalties – along with their associated felony charges – will make mortgage fraud a less appealing crime in the future.
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Short Sale Tax Break Coming to an End

Short sales are becoming more and more common, but that could change if the tax break that currently does not force homeowners who do short sales to claim the forgiven debt on their tax returns is not extended.
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Due on Sale Time Bomb

This article warns of the impending era of due-on-sale enforcement that will befall the real estate market in the approaching age of rising interest rates.
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SEC Shredding Docs

SEC Attorney Reveals that Agency Has Shredded Documents for Decades to Cover Up Wall Street Fraud
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Who's to Blame for the Mortgage Mess?
Banks, Not Homeowners
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MSNBC - $35 Mistake Can Cancel a mortgage
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Foreclosure Fraud and $45 Trillion Dollars
Banks foreclosing illegally and other foreclosure violations.
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Rep. Alan Grayson Explains Foreclosure Fraud Crisis
Rep. Alan Grayson explainis the crisis of foreclosure fraud.
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GMAC Suspends Foreclosure Evictions and Sales of Seized Property
Foreclosure evictions and homeowner lockouts have been halted by Ally Financial Inc.'s GMAC Mortgage in 23 states including Florida as the nation's fifth-largest home loan servicer addresses legal challenges to its foreclosure procedures.
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Judge Cancels Mortgage Due to Mortgagee's Shocking Behavior in Long Island Foreclosure Action
A Suffolk County homeowner who fell behind on her mortgage was sued by the mortgagee, IndyMac Bank, in a foreclosure proceeding that just produced one of the most startling results I have ever seen in foreclosure litigation.
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LA Times - Adjustable-Rate Mortgage Mistakes Add Up
Lending: The GAO estimates up to 25% of ARMs nationwide may be innacturate.
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TNPA - Government study on Adjustable Rate Mortgages
Government Study concludes 50 to 60% of all adjustable rate mortgages contain errors.
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The Times - Errors in loan documents can save strapped homeowners
Even small mistakes in the paperwork may give borrowers the legal leverage to persuade lenders to rework their mortgages.
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NY Times - Many Incorrect Charges Found on Adjustable-Rate Mortgages
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ABC News Video of Congresswoman getting run-around from Bank of America; they don't care who is calling!
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FDIC Audit Report # 06-024FDIC – View a copy of one of the FDIC Reports that discusses Bank and Mortgage Violations. This report illustrates how widespread the violations are.  
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CNN Money - Only 4% of Homeowners get long-term mortgage help
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MSN Real Estate - The Uphill Battle to get a Loan Modification
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Associated Press Article - Regulators Shut 7 Banks in 5 States
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Denver Post Article – Federal Mortgage Relief Provides Little Aid
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Wall Street Journal – Geithner, Paulson defend $182 Billion AIG Bailout
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YouTube Video – Crazy….Wells Fargo sues Wells Fargo...it’s true, believe it or not!
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