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The Home Equity Theft Reporter

Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues.
By r morris

Post Frequency: 25.7/day

Last Entry: September 06, 2017 at 04:02:00

Business Is Booming For Federal Prosecutors Targeting Mortgage Fraud; "We're Running Out Of Bodies To Handle These Cases!" Says One U.S. Attorney

Posted on December 11, 2008
The Associated Press reports: Investigations into the collapse of financial titans such as Lehman Brothers, Bear Stearns and Washington Mutual have attracted most of the attention in the ongoing unraveling of the nation's mortgage-backed security mess...

Recent South Florida Federal Mortgage Fraud Prosecutions

Posted on December 11, 2008
The U.S. Attorney for the Southern District of Florida has made the following recent announcements in connection with its prosecutions of mortgage fraud: December 4, 2008: Three Palm Beach County Residents Sentenced For Mortgage Fraud,November 19, 2008: Miramar Woman And Miami Man Sentenced On Mortgage Fraud Scheme,November 07, 2008: Former Palm Beach Resident Indicted In Bankruptcy, Mortgage

Are Attorneys The Target Of I.D. Theft By Rogue Operators Of Pirate Web Sites?

Posted on December 11, 2008
A recent article in The Florida Bar News describes a fake law firm whose operators have stolen the identities of real attorneys and include them in the bogus firm's website to scam the public. According to the article: [T]he Web site is part of the recent problem in which scam artists impersonate real lawyers to gain credibility...

Another "Money Store" Defendant Falls; Maryland Feds' Tally Reaches Four In Equity Stripping, Foreclosure Rescue Scam Prosecution

Posted on December 11, 2008
From the Office of the United States Attorney (District of Maryland): Katisha Fordham, age 35, of Washington, D.C., pleaded guilty [yesterday] to conspiracy to commit mail and wire fraud in connection with a mortgage fraud scheme that falsely promised to help homeowners facing foreclosure keep their homes and repair their damaged credit, announced United States Attorney for the District of

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Lawyer Successfully Squeezes Settlement From Insurer For Client's Damage Claim From Unknown Meth Lab

Posted on December 11, 2008
In Loveland, Colorado, the Denver Daily News reports on a story of a local couple who rented out a basement apartment to their son-in-law, only to have their entire home subsequently condemned as a result of contamination caused by the son-in-law's clandestine meth lab operation on the premises...

Loan Modification In Bankruptcy To Be On The Table If Foreclosure Frustration Continues: Frank

Posted on December 10, 2008
MarketWatch reports: House Financial Services Committee Chairman Barney Frank on Monday said that if foreclosures are not on the decline early next year he expects lawmakers to revive efforts to change bankruptcy law and let judges adjust the terms of mortgages...

Three Face Criminal Charges In Las Vegas-Area Alleged Foreclosure Rescue Scam

Posted on December 10, 2008
In Las Vegas, Nevada, KLAS-TV Channel 8 reports: One person is under arrest and two others are still at large for allegedly operating a foreclosure scam that bilked desperate homeowners out of money.(1)***The alleged scheme involved the collection of upfront fees for the purpose of assisting the victims with avoiding foreclosure on their homes...

Central Florida Lawyer Gets 15 Years Probation For Stealing Foreclosure Surplus Funds From Clients

Posted on December 10, 2008
In Orlando, Florida, WFTV Channel 9 reports: An Orange County lawyer can no longer practice law and is on probation for 15 years after taking advantage of foreclosure clients. Investigators said Norman Sanders Moss took advantage of the foreclosure crisis and kept money from auctions of foreclosed homes...

Arizona AG: Complaints About Loan Modification Firms On The Upswing

Posted on December 10, 2008
From the Office of the Arizona Attorney General: The Attorney General?s Office has experienced a recent increase in complaints from consumers who have been contacted by individuals claiming to have "connections" and expertise in negotiating with mortgage lenders to reduce consumers? monthly payments and/or prevent foreclosure...

South Florida Feds Nail Two Area Title Agents For Roles In Mortgage Fraud Schemes

Posted on December 10, 2008
In two separate cases, the U.S. Attorney for the Southern District of Florida recently announced: Title Agent Sentenced To 41 Months In Prison For Participation In Mortgage Fraud Scheme: Ishmett Nazario was sentenced to forty-one months in federal prison in connection with her participation in a mortgage fraud scheme...

City Of Memphis, Shelby County Consider Lawsuits Against Predatory Lenders

Posted on December 10, 2008
In Memphis, Tennessee, WHBQ Fox-TV Channel 13 reports: The city and county mayors are considering drastic action because of the area's foreclosure epidemic. The idea is still in the early stages, but Memphis and Shelby County leaders are heavily researching a plan to sue mortgage companies...

Ohio Homeowner Hits Jackpot; Lender Loses Right To Foreclose On Delinquent Mortgage Due To Violation Of Procedural Rule, Says State High Court

Posted on December 10, 2008
In Canton, Ohio, The Repository reports: A city man took his foreclosure dispute to the state?s highest court, and according to a ruling issued today, he won. What that means for Giuseppe Gullotta is that he gets to remain in his house without a mortgage...

Butler County Sheriff Puts The "Freeze" On Evictions Of Those Without A Place To Go

Posted on December 10, 2008
In Hamilton, Ohio, the Cincinnati Enquirer reports: Forced evictions in winter weather and during a recession are "just heartless," Butler County Sheriff Rick Jones says - and he's ordering his deputies to disregard eviction orders when people have nowhere else to live...

Subprime Loans That Lenders Knew Or Should Have Known Were Unsustainable Are Illegal, Says Massachusetts High Court

Posted on December 10, 2008
The Boston Herald reports: The Bay State?s highest court has issued a landmark ruling tentatively declaring whole classes of subprime mortgages unfair under Massachusetts law. ?Originating loans with terms that in combination would lead predictably to ...

NY Times Considers Possible Sale Leaseback Of Its Free & Clear Interest In 52-Story Headquarters; Seeks "Rescue" From Potential Cash Flow Squeeze

Posted on December 09, 2008
In New York City, The New York Times reports: The New York Times Company plans to borrow up to $225 million against its mid-Manhattan headquarters building, to ease a potential cash flow squeeze as the company grapples with tighter credit and shrinking profits...

Fannie: OK To Modify Non-Delinquent Mortgage Loans

Posted on December 09, 2008
Housing Wire reports: In a move likely to be echoed by Freddie Mac, and perhaps a blueprint for changes in the private-party mortgage market, housing finance giant Fannie Mae said late Monday that it had taken a series of steps to allow servicers to intervene in troubled mortgages before a borrower becomes delinquent, the latest in a series of changes at the GSEs designed to help head off a flood

Compelling Loan Modifications A Violation Of Investors' Constitutional Rights? Not So, Says One Expert

Posted on December 09, 2008
David Dana, professor of law and associate dean for academic affairs at Northwestern University School of Law writes in The Huffington Post: In recent years, mortgages have been carved up into so many pieces that the re-working of mortgages -- and the saving of homes from foreclosure -- is not happening even when there are responsible homeowners who are willing and able to make reasonable

NYS Appeals Court To Review County's Foreclosure Attempt Where Owner Failed To Include $25 Late Fee With Tendered Tax Payment; Faulty Notice An Issue

Posted on December 09, 2008
In Canandaigua, New York, the Daily Messenger reports: A panel of nine judges with the state Appellate Division?s Fourth Department will hear arguments Monday in the case of a man battling Ontario County to keep his Monks Road property off the auction block...

Countrywide Attorney: MBS Fund Lacks Standing To Sue Lender

Posted on December 09, 2008
Reuters reports: A fund representing bond investors seeking to force Bank of America-owned Countrywide Financial to repurchase thousands of mortgages failed to satisfy requirements to sue under contracts governing the securities, according to Countrywide attorneys...

South Florida Developers Under Attack By Their Lenders?

Posted on December 09, 2008
The South Florida Business Journal reports on downstate Florida developments involving unsold new housing units, condo conversions, and unfinished projects that appear to have possibly run aground and now face foreclosure: Club Caribe faces foreclosure: Club Caribe in Coconut Creek has joined the widening club of South Florida developments facing a foreclosure lawsuit from Miami-based Ocean Bank.

Erosion Problems At Unbuilt Westchester County Project In Foreclosure Creating Havoc For Neighboring Residents, Lender, Say Suits

Posted on December 09, 2008
In Yonkers, New York, The Journal News reports: Investors have gone to court to foreclose on the proposed Velocity at Greystone apartment project, and a receiver has been named by the court to oversee the gaping pit at the Warburton Avenue site.***Warburton Avenue neighbors have been upset with the persistence of the large pit at the site...

Tennessee High Court Calls On Attorneys To Step Up In Effort To Ease Burdens On Legal Aid System

Posted on December 09, 2008
In Nashville, Tennessee, The Tennessean reports: The Tennessee Supreme Court is calling on every attorney in the state to step up and help out in the face of a mounting crisis in the legal aid system. More and more low-income Tennesseans are running into deep legal troubles ? unemployment, bankruptcy, eviction, foreclosure, unpaid bills and predatory lending practices...

NYC Pro Bono Effort Training Lawyers In Fight Against Foreclosures

Posted on December 09, 2008
In Brooklyn, New York, the Brooklyn Daily Eagle reports: The Volunteer Lawyers Project hosted a two-day workshop last week on foreclosure prevention law. The event, organized by the Center for NYC Neighborhoods and led by Legal Services for New York, was held at the Brooklyn Bar Association headquarters and educated attorneys about foreclosure issues ranging from litigation practice and sub-prime

Infantry "Basic Training" In Foreclosure Battle Continues In NYC

Posted on December 09, 2008
From the Brooklyn Daily Eagle: Mon. Dec. 15, CLE: Representing Homeowners in Mandatory Settlement Conferences, 8:30 a.m.? 4:45 p.m.Topics: The foreclosure process; predatory lending practices; role of the settlement conference; how to hold off foreclosure; recent legislative initiatives to help resolve defaults; negotiating resolutions short of foreclosure...

Miami-Area Mortgage Broker Caught In Cops' Crosshairs

Posted on December 09, 2008
In Homestead, Florida, The Miami Herald reports: After years of writing millions of dollars in mortgages based on bogus information, Homestead broker Yvette Valdes is under investigation by the county's fraud task force. Miami-Dade detectives said they will start examining Valdes' records, a day after The Miami Herald revealed she was a key figure in the network of a New York lender convicted in

MBA Report: 10% Of Mortgaged Homeowners 30+ Days Late On Loan Payments

Posted on December 08, 2008
Bloomberg News reports: One in 10 American homeowners fell behind on mortgage payments or were in foreclosure during the third quarter as the world?s largest economy shed jobs and real estate prices tumbled. The share of mortgages 30 days or more overdue rose to a seasonally adjusted 6...

Fear Of Investor Lawsuits Impede Loan Modification Efforts

Posted on December 08, 2008
In Bradenton, Florida, a column in the Bradenton Herald offers a view on why mortgage lenders are so reluctant to offer loan workouts on delinquent home mortgages: [T]hat's because most lenders sold their mortgages, which were soon packaged with others and the packages sold in shares...

Report: Mortgage Company VP Tutored Brokers On The Art Of Fraud; $550M+ In Florida Loans Originated; More Than 1 In 3 Ended In Foreclosure

Posted on December 08, 2008
The Miami Herald reports: Orson Benn, once a vice president at the nation's largest subprime lender, spent three years during the height of the housing boom tutoring Florida mortgage brokers in the art of fraud. From his office in New York, he taught them how to doctor credit reports, coached them to inflate income on loan applications, and helped them invent phantom jobs for borrowers...

Feds, State Authorities Bust Global I.D. Theft Ring For Allegedly Hijacking Homeowner HELOCs; Millions In Equity Drained Out Of Homes

Posted on December 08, 2008
The Washington Post reports: Federal authorities [last month] announced a series of arrests and convictions in connection with a global identity theft ring that stole millions of dollars by hijacking home-equity lines of credit issued to thousands of consumers...

Foreclosure Of Unbuilt 1,712-Acre NW Vegas Development Good News For Slow Growth Advocates

Posted on December 08, 2008
In Las Vegas, Nevada, the Las Vegas Review Journal reports: For northwest Las Vegas residents in favor of slowing growth, there is a silver lining in the recession-driven foreclosure of Kyle Canyon Gateway. Wachovia Bank foreclosed on the 1,712-acre development owned by Focus Property Group and several homebuilders on Sept...

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