Wall Street Bailout: What Are The Rules?
Thanks to Mike Dillon at GetDShirtz.com for the heads-up on the video.
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.
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Source: Delray Beach mortgage broker pleads guilty to fraud.
Go here, Go here, and Go here for other stories of trust account / escrow account theft of funds. sneaky slick escrow agents gamma
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For more, see Some home-equity lines of credit can't be rescinded.
Go here for other posts on Frozen HELOCs.
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For more, see Hawthorne scores in the fight against blight (A Minneapolis neighborhood's unusual settlement with a lender over a blighted property now gives it the chance to rehab a slew of homes).
For the earlier story announcing the start of the lawsuit, see Neighbors sue lender over house left vacant (A north Minneapolis neighborhood aims to hold a lender accountable for alleged careless lending with action that could break new legal ground). ForeclosuresDestroyNeighborhoodsApple
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For more, see WaMu loaned millions to OC home flippers with a history of fraud (Troubled lender's mortgages helped family of real estate traders make millions as the market collapsed).
(1) According to the story, in August 2003 (before the current alleged flipping operation), an Orange County Superior Court jury found Vijay and Supriti Soni guilty of forgery, falsifying real estate documents, identity theft and grand theft. Vijay Soni was sentenced to a year in jail. He also surrendered his real estate license. Supriti Soni was convicted on 19 counts in the case and sentenced to three years in prison.
For more, see Millions At Risk Of Foreclosure Fraud.
For more, see FTC Acts Against Two Family-Owned Mortgage Foreclosure ‘Rescue’ Operations.
For more on this case from the FTC, see:
(1) According to the FTC press release, the defendants, all based in Texas, are Elias H. Taylor and his companies, National Hometeam Solutions, LLC, National Financial Solutions, LLC, and Elant, LLC; Everard Taylor and his company, Evalan Services, LLC; Emanuel Taylor and his company, United Financial Solutions, LLC; and Edwin P. Taylor, Sr., and his company, Nationwide Foreclosure Services, LLC.
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For more, see AG Martha Coakley Reports to Congress on Mortgage Industry’s Lack of Action on Loan Modifications.
For AG Coakley's prepared testimony to the U.S. House Financial Services Committee, see Lenders and Servicers’ Promises of Loan Modifcations in Massachusetts are Not Matched by Meaningful Actions That Promote Sustainable Loans.
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For more, see Fighting Foreclosure: Subprime Borrowers Battle (and Beat) Lenders in Court.
For more, see Bear Stearns and EMC Mortgage to Pay
For the relevant court documents, see:
See also, Bear Stearns provided fuel for subprime boom (Bear Stearns was a major funding source for hundreds of thousands of subprime and exotic mortgages, providing the jet fuel to the boom).
Go here, go here, and go here for posts on questionable mortgage servicing practices. questionable mortgage servicing practices tactics xero
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For the story, see Defendant No. 6 joins mortgage fraud case.
For story updates, see:
To view the original indictment, see U.S. v. Mendoza, et. al.
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For more, see Suits, Legislation Over a Civil Right to Counsel Grow Across U.S.
For the story, see The Pain of Selling a Home for Less Than the Loan. (may require free registration; if no registration, try here, then click link for the story).
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For the story, see A step against foreclosures.
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For more, see Viewer wants refund from mortgage rescue company (read story) (watch Channel 10 video).
For story update, see Viewer's brother with mortgage rescue problem gets money back (Richard Taylor tells 10 News he has received $1,000 cash back from Brian Mehle, one of the directors of the mortgage relief company that took over from United Home Savers.).
From the Federal Trade Commision:
For the Massachusetts AG's press release, see Former Somerville Lawyer Arraigned in Connection with Stealing Over $2 Million From Mortgage Lenders in Mortgage Stacking Scheme.
(1) According to the press release, authorities allege that on various occasions between April 2002 through September 2004, Carey performed the functions of closing attorney on mortgage loans on each of the properties involved. Authorities allege that Carey “stacked” three mortgages on a home in Medford, two mortgages each on two different properties in Everett, and one mortgage on his personal residence in Medford. Carey also allegedly falsified information on mortgage loan applications by omitting certain mortgages on the various properties, and also signed a family member’s name on false mortgage applications and closing documents he created. Authorities also allege that when he received the proceeds of the loans, Carey did not pay off the existing mortgages on these properties, but rather used the funds for his own benefit. Authorities further allege that Carey issued title insurance policies or commitments in connection with the transactions, and the lenders were therefore protected. However, ultimately the title insurance company suffered the financial loss. Authorities believe that Carey stole over $2 million dollars in this manner. sneaky slick escrow agents gamma
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Source: State Seeks Injunction Against Foreclosure Consultant (Suit claims firm failed to deliver on services which other agencies offer for free).
Source: White House Press Secretary Avoids Foreclosure on D.C. Home.
Click here to read The Washington Post article on Perino's close call with foreclosure (Democratic political hotshot - and cable TV political talking head - Hilary Rosen reportedly also appeared on an official District of Columbia's Office of Tax and Revenue list published in The Washington Post on Aug. 21 citing D.C. residents who had failed to pay their property taxes and risked foreclosure).
For more, see State probes Fossil Butte Drive mortgage-fraud allegations.
For more, see Grandmother, 5 Grandchildren Evicted.
For the rest of the story, see Foreclosures: Homeowners waiting for relief.
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For more, see Economy's no picnic for exotic pets either; pigs, snakes among homeless (Financial troubles force many to give animals up).
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For more, see Man Pleads Guilty To Fraud Charge in Foreclosure Scheme.
See also:
Go here and go here for other posts on the alleged Metropolitan Money Store foreclosure rescue scam. joyjackson
For more, see Local housing agency fighting foreclosure wave with loan funds.
For more, see Mortgage modification programs have failed, lawmakers say.
Professor White's prepared statement to House Committee on Financial Services.
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For more, see Martin County pastor and wife charged in real estate investment scam.
See also, WPBF-TV Channel 25: Pastor, Wife Arrested In Mortgage Fraud Scam (State Authorities Say Couple Duped Buyers, Drained Equity On Real Estate).
(1) According to the story, the McGills face charges of racketeering, conspiracy to commit racketeering, first degree grand theft and obtaining a mortgage by false representation by the Statewide Prosecutors Office in West Palm Beach. The investigation was conducted by Detective Ted Padich of the Department of Financial Services(DFS), Division of Insurance Fraud.
For more, see Lee’s Summit man gets five years for mortgage fraud.
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For more, see Visa and mortgage fraud scam lands Atlantan in federal prison.
For more, see Florida attorney general sues 25, claiming mortgage fraud.
For the 2007 story in the St. Petersburg Times, see Unsigned letter accuses agent of mortgage fraud (Real estate agent says it may be a rival using smear tactics).
From the Florida AG's Office:
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For more, see Bad mortgage brokers ran wild, Florida admits (A state probe, prompted by a Miami Herald investigation, says the state did not protect people against crooked mortgage brokerages).
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For more, see Lawsuit Charges Fraud, Predatory Ads to Mortgage Crisis.
For the story, see Fannie, Freddie collapse could help borrowers.
See also, Modified IndyMac loans showing results - FDIC's Bair (Bair said among the 60,000 delinquent IndyMac mortgages, about 40,000 are eligible for the FDIC's loan modification program).
For more, see 12 indicted in Atlanta mortgage fraud scheme.
www.oag.state.ny.us/bureaus/
environmental/consumer_guides.html.
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For more, see AG Cuomo Cautions Consumers About The Potential Pitfalls Of Oil & Gas Leases (Cuomo urges landowners to know their rights when dealing with gas exploration companies in order to avoid strong-arm tactics and ensure they get the best financial deal).
For anyone interested in the kind of problems homeowners can run into when leasing the mineral rights to their property to an oil & gas exploration company, see:
Go here for other posts on dealing with exploration companies over your mineral rights.
(1) According to the NY AG's press release, landowners who enter into an oil and gas lease are typically approached by a “landman” – a person directly or indirectly representing a gas operator. The landman’s primary goal is to secure leases on as large an area as possible. Landmen may approach landowners at their homes or businesses, or may contact landowners preliminarily by telephone before meeting with them in person. [...] The rights and obligations of the landowner and business are detailed in the lease, as in many other types of leases. In most cases, landowners will be bound to the terms and conditions included for the duration of the lease. This means that the rights and obligations set forth in the lease are connected to the landowner’s land. MineralRightsAlpha