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SEC Charges Couple in $135M Ponzi Scheme Targeting Cuban-American Seniors
The Securities and Exchange Commission has charged a Miami couple with running a $135 million investment Ponzi scheme that defrauded hundreds of mostly elderly Cuban-American people.
Read More... Tuesday, March 09, 2010
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AIG Settles Discrimination Charges
Two subsidiaries of American International Group Inc. agreed to pay a minimum of $6.1 million to settle allegations that they discriminated against African American borrowers.
Read More... Tuesday, March 09, 2010
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Ex-LendAmerica VP Banned from FHA for Life
The former head of LendAmerica has been banned from originating, marketing or submitting claims for FHA mortgages, according to a recent Reuters report.
Read More... Tuesday, March 09, 2010
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MBA and Others Express Concern Over SAFE Act Proposals
The Mortgage Bankers Association, American Bankers Association, American Financial Services Association and 11 state and local mortgage lending groups filed a comprehensive comment letter to the U.S. Department of Housing & Urban Development expressing serious concerns about several proposed regulations under the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act).
Read More... Tuesday, March 09, 2010
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CalHFA Allocates $700M to Assist Homeowners
The California Housing Finance Agency (CalHFA) announced that it will develop innovative initiatives to use nearly $700 million in new federal funding to help California’s neediest homeowners struggling with mortgages payments remain in their homes.
Read More... Monday, March 08, 2010
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ICF International Selected for $15.7 Million HUD Contract
ICF International, through its Z-Tech Corp. subsidiary, has been awarded a five-year re-compete contract with a value of $15.7 million from the U.S. Department of Housing and Urban Development (HUD).
Read More... Monday, March 08, 2010
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Update: Fugitive Fraudster Arrested
Ishwardat (Danny) Raghunath, an accused mortgage fraudster, who has been on the run from authorities, was found and arrested in East New York after investigators received a tip, said FBI spokesman James Margolin.
Read More... Friday, March 05, 2010
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Ocwen Recommends Improvements to HAMP Program
Ocwen Financial Corporation (NYSE:OCN) President Ronald M. Faris, testifying before Congress, voiced the mortgage servicer's support of the Administration's Home Affordable Modification Program (HAMP) and recommended enhancements that Ocwen believes would make the program more effective at preventing foreclosures and helping distressed homeowners.
Read More... Friday, March 05, 2010
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Radian Appoints New Chief Operating Officer for Mortgage Insurance Business
Radian Group Inc. announced that it has appointed Robert Griffith as Executive Vice President and Chief Operating Officer for Radian Guaranty Inc., its principal mortgage insurance subsidiary.
Read More... Friday, March 05, 2010
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Mortgage Rates Dip Below 5%
Graph: Average 30-year Fixed-Rate Mortgage over 52 weeks
Click “read more” to view a detailed breakdown of the weekly averages for a number of fixed-rate and adjustable-rate mortgage loans.
Read More... Friday, March 05, 2010
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MTA Drops Again
The Federal Reserve has released February’s data regarding the 1-Year Constant Maturity Treasury Rate (CMT) and the 12-Month Treasury Average (MTA).
Click “read more” to view a chart detailing the trajectory of each index.
Read More... Friday, March 05, 2010
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State Senator Under Investigation for Advertising Fraud
A Colorado state senator and the mortgage company where he is currently employed are being probed for allegedly misleading consumers through false advertisements, according to state officials.
Read More... Thursday, March 04, 2010
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FDIC to Sell Seized Assets
The FDIC is expected to offer $3.8 billion of guaranteed securitizations backed by the residential mortgage assets of failed banks, according to market sources this week.
Read More... Thursday, March 04, 2010
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Orleans Homebuilders, Inc. Files Chapter 11
Orleans Homebuilders, Inc., which develops, builds and markets high-quality single-family homes and townhouses and whose operations in Pennsylvania and New Jersey date back more than 90 years, announced that it filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code for itself and most of its operating subsidiaries in the U.S. Bankruptcy Court for the District of Delaware in Wilmington.
Read More... Thursday, March 04, 2010
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MBA: U.S. Mortgage Applications Rose 15%
The number of U.S. mortgage applications filed increased 15% last week for the first time in a month, according to the latest Weekly Mortgage Applications Survey released by the Mortgage Bankers Association.
Click "read more" to see a detailed breakdown of the weekly report on mortgage demand.
Read More... Thursday, March 04, 2010
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New York Fugitive on the Hook for $7M
The FBI is searching for a New York man who is dodging arrest for his role in a $7 million mortgage fraud scheme.
Read More... Wednesday, March 03, 2010
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Bank of America Pays Montag $29.9M in 2009
Bank of America Corp's investment banking chief Thomas Montag took home the company's highest paycheck in 2009, after the company kept him on as an executive during its purchase of Merrill Lynch, according to the company's recent regulatory filing.
Read More... Wednesday, March 03, 2010
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HUD Advances Fight Against Loan Modification Scams
The U.S. Department of Housing and Urban Development, in partnership with the Loan Modification Scam Prevention Network, announced the launch of PreventLoanScams.org.
Read More... Wednesday, March 03, 2010
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FHFA Extends Refinance Program by One Year
The Federal Housing Finance Agency Acting Director Ed DeMarco announced the extension of the Home Affordable Refinance Program, (HARP), a refinancing program administered by Fannie Mae and Freddie Mac, to June 30, 2011.
Read More... Tuesday, March 02, 2010
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Monthly LIBOR Rates Stay Near Recent Lows
Each category of the London Inter-Bank Offered Rate (LIBOR) index (one-month, three-month, six-month and one-year) continued to hover around recent lows.
Click “read more” to view a historical breakdown of the various LIBOR indices over the past 12 months.
Read More... Tuesday, March 02, 2010
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