FBI in Mortgage Fraud Probe
- By:
- MortgageLoan.com | April 17, 2008
The FBI is currently investigating cases of potential fraud in the U.S home mortgage industry, with FBI Director Robert Mueller saying, there's a been a "tremendous surge" in mortgage fraud cases, with the trend likely to continue.
Speaking at a Senate Appropriations subcommittee hearing on Wednesday, Mueller estimated that the FBI currently has 1,300 investigations underway, with 19 of them involving subprime lending practices by U.S. financial institutions. This is an increase from 14, when the investigations began in January.
"We also have 19 cases involving institutions themselves where mortgage fraud may have contributed to misstatements and the like," Mueller further highlighted in his testimony.
No companies were singled out by Mueller, although the justice department is reportedly looking into whether the nation's largest mortgage lender, Countrywide Financial Corp., misrepresented its financial position and the quality of its mortgage loans.
Out of an estimated 12,500 agents in the FBI, there are currently 204 investigating mortgage fraud cases.
Hope Now Gaining in Foreclosure Prevention as Loan Modifications Increase
- By:
- Bill Rice - MortgageLoan.com | December 03, 2008
The Hope Now initiative, a private mortgage lender and servicer alliance, is increasing its effectiveness in preventing foreclosures. In October, Hope Now set a new record in foreclosure prevention modifying 225,000 mortgages. That total exceeds September's loan modifications by 13,000.
Law Firms and Banks Collaborating to Streamline Loan Modifications
- By:
- Bill Rice - MortgageLoan.com | December 02, 2008
Increasingly loan modifications are becoming the preferred mechanism to help defaulting homeowners and troubled bank mortgage asset portfolios. All of the major banks, Bank of America, JP Morgan Chase, and Citigroup have announced streamlined loan modification programs.
US Retailers Hope for a Big Cyber Monday
- By:
- Bill Rice - MortgageLoan.com | December 01, 2008
Retailers got a welcome Holiday gift on Black Friday, with retail sales actually rising 2 percent over last year. Despite the doom and gloom of economic prognosticators consumers lined the sidewalks in the wee-hours of the morning for "door-buster" deals.
Retailers Caught Flat-footed by Rapid Economic Slowdown
- By:
- Bill Rice - MortgageLoan.com | November 28, 2008
It's Black Friday, will they come? Black Friday a term linked to the fact that traditionally all retailers "make their year" by blasting into profitable territory for the entire year on the strength of holiday sales. This year may be a stark contrast.
President-elect Obama Subtlety Taking the Reigns of US Economic Policy
- By:
- Bill Rice - MortgageLoan.com | November 27, 2008
In his regular press conferences behind the very Presidential-looking "Office of the President-Elect" podium Obama quietly is absorbing the Presidency. Despite being 11 weeks away from inauguration and still two weeks away from officially being declared President-elect by the convening of the Electoral College, he is undeniably taking the reigns of US economic policy.
Federal Reserve Starts Printing Money to Jumpstart Lending
- By:
- Bill Rice - MortgageLoan.com | November 26, 2008
The Federal Reserve and US Treasury have announced another bailout, this one theoretically for consumers and small businesses. This plan involves another $800 billion.
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