Police Officer Charged in Mortgage Loan Scam
- By:
- MortgageLoan.com | May 18, 2008
A veteran officer has been charged for his involvement in a string of mortgage scams that duped lenders into parting with hundreds of thousands of dollars.
Sgt. Robert Culp, who has over 17 years of service at the South Bend Police Department was involved in a scheme between 2003 and 2007 that bought rundown houses and sold them at two or three times their true value, federal documents revealed.
Investigators said Culp sold more than 190 homes in the South Bend area with sales made to 'straw purchasers'. Straw purchasers are persons recruited by Culp and his accomplices to purchase the homes at the inflated price, according to Culp's petition to plead guity.
The straw purchasers were then expected to receive 20 percent of the mortgage loan back. For each home sold, Culp estimated that he made betwen $5,000 and $7,000.
Although eligible to face a 30 year prison sentence and a million dollar fine, Culp has agreed to pay full restitution and will give testimony at a grand jury investigation in exchange for a lesser sentence.
Bankruptcy Reform Back on the Table
- By:
- Bill Rice - MortgageLoan.com | November 21, 2008
One of the earliest ideas for helping homeowners facing mounting mortgage debt and potential foreclosure on their home was to reform bankruptcy laws. The concept is now officially back on the table, introduced into the Congressional lame-duck session by Senator Richard Durbin (D-IL).
TARP is Closed for Relief Until Further Notice
- By:
- Bill Rice - MortgageLoan.com | November 20, 2008
Remember what a crisis the $700 billion mortgage market bailout was--the very existence of the American financial order hung in the balance.
Fixing the Housing Market, Lots of Ideas...Any Answers?
- By:
- Bill Rice - MortgageLoan.com | November 19, 2008
Almost a year into the dawning of the housing crisis (many chronologist are setting that around the January 2008 crumbling of Countrywide) ideas continue to flow, but few seem to be the answer. In fact, this seems to be the growing consensus--there is no silver bullet.
G-20 Lots of Motion, Will There Be Action?
- By:
- Bill Rice - MortgageLoan.com | November 18, 2008
The 20 most powerful industrial nations, and now the caretakers of an unprecedented global financial crisis, assembled in Washington DC over the weekend. Their mandate was broad and daunting--stabilize world markets.
FDIC Challenges Treasury with New Loan Modification Proposal
- By:
- Bill Rice - MortgageLoan.com | November 17, 2008
On the heels of the Treasury and Federal Housing Finance Agency's (FHFA) loan modification plan for Fannie Mae and Freddie Mac, the FDIC releases their own proposal. In this unprecedented, unilateral, and aggressive move by a Federal agency the FDIC is essential fighting a very public political battle directly with the Treasury and the current Administration.
Mortgage Rates Drop for Second Straight Week
- By:
- Bill Rice - MortgageLoan.com | November 14, 2008
Another week of dismal economic data have again pushed down mortgage rates. Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 6.14 percent, down from 6.20 percent last week. This demonstrates a steep decline from 6.46 percent two weeks prior.
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