We noticed a very informative page on the Settlement Scams web site that explains foreclosure avoidance scams that are popping up due to problems in the mortgage industry. It’s a pretty long article but we recommend it. According to the author one key part of foreclosure avoidance scams is making the homeowner think they are talking to their own mortgage company, while the mortgage company thinks the homeowner is avoiding them. Check out their article here.
On July 25, 2007 US stocks slumped the most since March after Countrywide Financial Corporation, which accounts for almost a fifth of US mortgages, said second-quarter net income tumbled 33 per cent. Stocks fell further on July 26th and 27th. But what caught my eye is that Countrywide accounts for 20 percent of the US mortgage market and their profits were down by one-third.
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By Timothy Blake
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Posted in Archives, Root Causes
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Tagged Archives, bank, bankrupt, Countrywide, credit card, HSBC, Lenders, mortgage, Root Causes, SEC, subprime
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KPMG was the auditing company for New Century Mortgage. Were the buy backs of unacceptable or defaulted mortgages so well hidden by New Century Mortgage that one of the most influential auditing companies in the world could not find the discrepancies? The Public Company Accounting Oversight Board is looking into the practice and faulted KPMG LLP for some deficiencies in its audits of public companies, citing three instances in which the firm failed to obtain sufficient competent evidence to support its audit opinions. The name of the public companies was not included in the information, and neither were the deficiencies.
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By Timothy Blake
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Posted in Archives, Economic Impact
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Tagged Archives, Economic Impact, Enron, Ernst & Young, KPMG Auditing Company for New Century Mortgage KPMG, KPMG LLP, mortgage, Public Company Accounting Oversight Board, regulators, SEC
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The first headlines I saw regarding sub-prime mortgage defaults were dated in February 17, 2007. The wheels began wobbling long before then. Mortgage loan criteria began to become more restrictive and loans issued in 2006 declined from 2005.
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What is your recourse if the mortgage company fails to pay your taxes? What if they do not pay your property insurance? If you read about your mortgage broker going to prison or see your mortgage company on Fox News with Shepard Smith you might want to check your statements. The lenders referenced below are stong and healthy and still made mistakes. Cases in point:
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