April 2009 - Blown Mortgage

April 2009

Seven charged in Indianapolis mortgage fraud scheme

Seven people have been charged with crimes related to nearly $20 million in fraudulent mortgage loans in the U.S. District Court of Indianapolis. The charges, announced  April 30 by Timothy M. Morrison, U.S. Attorney for the Southern District of Indiana, include wire fraud and money laundering as well as fraud and conspiracy. According to the [...]

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The Obama administration has announced a new program to help borrowers with second mortgages stay out of foreclosure. Under this program, the government will pay mortgage servicers $500 upfront and $250 a year for three years if they successfully modify a second mortgage, such as a home equity loan. The Treasury Department says second mortgages [...]

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The End Of Countrywide

It isn’t easy being Bank of America these days. The bank had previously thought to be in decent standing up until it acquired struggling firm Merrill Lynch, and since that point things have been..well…awful. The flow of bad press has been non-stop, between Merrill Lynch’s crumbling balance sheet, questionable bonuses, and giving former Executive John [...]

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The ups and downs of mortgage fraud

The FraudBlogger Index climbed to 1427 during the first quarter of 2009, double what it was in the first quarter last year. Already in April a federal grand jury has indicted four individuals as part of a massive “Dream Homes” mortgage fraud scheme and 24 individuals in a Racketeering Influenced and Corrupt Organizations Act (RICO) [...]

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The Impact of Freddie Macs CFO Suicide

If you happened to be a conspiracy theorist, you’d almost have to be salivating at a story like this. Freddie Mac, which has been at the center of attention in regards to the nationwide housing crisis, had their Chief Financial Officer die in an apparent suicide. The company currently owns or guarantees about 13 million [...]

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