Posts Tagged ‘Mortgage Fraud’

Massachusetts mortgage broker indicted on 21 counts

Written by Timothy Blake on April 07, 2008 under Mortgage Fraud

I think we will see many more articles like this as mortage brokers are arrested and arraigned because of shady deals that took place during the subprime debacle. If the broker and the borrower conspired together to defraud a mortgage company it is highly unlikely that the borrower will say anything for fear of going to jail along with the broker. On the other hand if the broker did the paperwork and the borrower did not get a full disclosure the subject may be argued in court. This case is a little different:

Countrywide caught with bankruptcy embarassments and lost checks

Written by Timothy Blake on January 08, 2008 under Archives, Lenders, Mortgage Fraud

It pays to have an attentive lawyer when dealing with Countrywide. In breaking news of January 8 Countrywide admitted to fabricating documents related to the bankruptcy case of a Pennsylvania homeowner. Imagine how many similar cases are never identified. In the Countrywide case it is important to note that when the company invented the “letters” at least one was addressed to an office the homeowner did not have at the time. That was the first clue. The second clue was that the homeowner never received any of the letters.

Epidemic of loan restructure and fake refinance scams for mortgage holders

Written by Timothy Blake on December 20, 2007 under Archives, Economic Impact, Lawsuits, Mortgage Fraud

In the list of top 10 scams for 2007, Foreclosure rescue scams came in at number 7.

As if people who fell behind on mortgage payments didn’t have enough troubles, an increasing number became victims of foreclosure rescue frauds. In the list of top 10 scams for 2007, Foreclosure rescue scams came in at #7.

Did Countrywide foreclosures abuse the bankruptcy system?

Written by Timothy Blake on November 28, 2007 under Archives, Lawsuits, Lenders, Mortgage Fraud

The federal agency monitoring the bankruptcy courts has subpoenaed Countrywide Financial, the nation’s largest mortgage lender and loan servicer, to determine whether the company’s conduct in two foreclosures in southern Florida represented abuses of the bankruptcy system. The subpoenas for Countrywide documents were issued in late October by the United States Trustee after the agency announced an effort to move against mortgage servicing companies that file false and inaccurate claims in foreclosure cases. The inquiries into Countrywide by the trustee’s office, a division of the Justice Department, come as foreclosures are increasing across the country.

What did the U.S. Government offer lenders to overlook them?

Written by Timothy Blake on November 17, 2007 under Analysis, Archives, Editorial, Government Positions, Mortgage Fraud, Opinion, Tax Debt

An article by Diane Francis appeared in the Financial Post on Saturday, November 17, 2007. Titled “Subprime mess is a crime story” the article outlined key issues. Diane said “At the top were mortgage lenders, then Wall Street and others who exported junk debts to lenders around the world after prettying them up. At the bottom was a corrupt system that handed out mortgage broker licences like driver’s licences, and then handed out mortgages like candy at Halloween. In between were crooked appraisers and organized crime.” (see her article) Why didn’t regulators and the Feds get involved? One answer may surprise you:

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