Subprime Refinance Threatens Loss of Retired Pittsburgh-Area Couple's Home
Go here to watch Channel 2 Video report, (then, click Play) by investigative reporter Andy Sheehan.
.
Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it.
.
.
.
To watch the previous KCRA Channel 3 Elk Grove mortgage fraud TV reports by Josh Bernstein (no longer available online):
.
.
This comes on the heels of U.S. Senate Banking Committee Chairman Christopher Dodd's emphasis that increased regulatory oversight and voluntary reforms by lenders are preferable to legislation.
For more, see Congress debates mortgage reforms.
.
Go here to watch KLAS-TV report by investigative reporter Colleen McCarty.
(revised 5-12-07)
.For more, see:
.
Those named in the state disciplinary actions are:
For more, see Blagojevich Administration officials take action against massive mortgage fraud ring.
See also Chicago Tribune story, 17 penalized in 'mortgage flipping'.
.
I suspect that many financially strapped homeowners losing their homes may, in fact, be insolvent. I also suspect that, because there doesn't seem to be much written about the insolvency exception (or the other exceptions, either) to the general rule, it is probably being overlooked by many people. To read more about all the exceptions and exclusions to the general rule that subjects an individual to income tax on the amount of debt that is forgiven, see:
If you need assistance in determining whether or not you qualify for one or more of the exceptions or exclusions, I highly recommend retaining the services of an experienced tax professional who knows something about doing some basic tax law research (ie. tax attorney, CPA, or Enrolled Agent; this is not a job for your average tax form preparer). And be prepared to show the tax pro copies of the three references listed above, just in case.
Go here for other posts on this subject.
(revised 5-9-07; 1:12 pm)
.
Reportedly, "the pressure to meet [...] expectations was so unrelenting that a worker in Foxboro, Mass., collapsed from stress and was taken to the hospital."
For more, see Pressure at mortgage firm led to mass approval of bad loans (reported at the Florida Association of Realtors website).
.
For all the details, see Escrow officers under scrutiny.
Go here for stories on other alleged escrow agent mishandling of funds. sneaky slick escrow agents alpha