Mortgage Broker, Questionable Practices The Focus Of "Globe" Report

In Boston, Massachusetts, the Boston Globe ran an investigative report on area mortgage broker, Nicole Lyder, who is suspected of engaging in questionable conduct in originating mortgages for local mortgage companies:

• Fake documents, a phantom borrower, and other irregularities were common features of five subprime mortgages brokered by Lyder between November 2005 and June 2006 that were examined by the Boston Globe. Lyder's clients ranged from the barely employed to struggling working-class couples; one had just left a homeless shelter and two others gave up government-subsidized housing to buy homes. They said Lyder arranged loans that they later realized had monthly payments that far exceeded their means. All five loans are now in foreclosure.

For more, see Broker's clients detail web of dashed dreams (Irregularities cited in five mortgages).