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From the FBI: All You Need to Know About Mortgage Fraud
MORTGAGE FRAUD INDICATORS Inflated Appraisals • Exclusive use of one appraiser Increased Commissions/Bonuses – Brokers and Appraisers • Bonuses paid (outside or at settlement) for fee-based services •...
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Did You ‘State’ Your Income On Your ‘Stated Income’ Loan?
Well, for those of you who live in Arizona, we hope you did not inflate your income on your loan application. House Bill 2040 – about to be signed by the Governor – makes that a felony in your state....
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Ex-NFL Star Indicted for Mortgage Fraud
FIVE INDICTED IN MORTGAGE FRAUD SCHEME [HOUSTON, TX] – A licensed Texas attorney and real estate developer, a sports agent, two bank loan officers, and a real estate appraiser have been indicted in a...
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Say Goodbye to “Stated Income” Sub-Prime Loans
On December 18 the Fed endorsed new rules that would give people taking out home mortgages new protections against shady lending practices. The proposed rules, approved in a 5-0 vote by the board, are...
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Expert Witness Need Not Be An Expert, Says Court
Vernon Cooks Jr. was convicted of being the mastermind behind an ingenious but misguided scheme to cheat mortgage lenders by fraudulently obtaining house mortgage loans. In most of the accused...
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Should California Pick Up The Costs of Defending Mortgage Scam Artists?
In the Sierra foothills, where Gold Rush history still sparkles, Nevada County taxpayers fear their small, rural region is being drained of critical funding to help two residents fight state fraud...
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Remember Subprime Loans?
The digeratilife website reminds us what the subprime debacle was all about, by providing this entertaining flowchart:
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RealtySouth Punished For Inadequate RESPA Disclosures
The Consumer Financial Protection Bureau (CFPB) has fined RealtySouth, the largest real estate chain in Alabama, for inadequately disclosing to buyers and sellers its affiliation with TitleSouth, a...
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Can a Life Estate Be Encumbered? Wells Fargo Thought So, But Court Nixes The...
Lawrence Peterson left his Culver City home to his second wife, but only as a life estate. Sometime after his death, the wife recorded a grant deed, giving herself a fee simple title to the property....
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