A bit about contruction and mortgages…
James E. Coleman, 59, and James R. Rhoades, 48, Kansas City, Missouri, pleaded guilty in separate appearances to a federal indictment. The January 2007 indictment charges Coleman and Rhoades for their part in a mortgage fraud scheme in which each of th…
A Cease and Desist Order issued to loan officer Kellee Harris, Riverdale, Georgia, became final. The Georgia Department of Banking and Finance’s issued the Order to Harris for making misrepresentations in loan files submitted to mortgage le…
A Cease and Desist Order issued to Wade Cardwell, d/b/a Loan Doctor, Rossville, Georgia, by the Georgia Department of Banking and Finance (“Department”), became final. The Order was issued by the Department after it obtained evidence that Wad…
Scott Edward Ashley, 40, Canton Township, Michigan, pleaded guilty to one count of wire fraud in November, 2006, admitting to using bogus documents to fraudulently obtain approximately $3.8 million in loans. He was sentenced to 56 months in feder…
A Cease and Desist Order issued to Group AmericUS Business & Entertainment Services, Inc., Atlanta, Georgia, became final. The Georgia Department of Banking and Finance issued the Order after it obtained evidence that Group AmericUS Business …
Graphic Courtesy MSNBCLast WeekDespite a relatively benign print from the consumer price index, mortgage bond prices tanked, resulting in a rise in rates on most home loans of .25-.375%. What happened? It’s all about the technical (charts, moving averages, etc.) rather than fundamental (economic data) picture. The price of mortgage bonds crossed below the 200 day moving average, which from a technical standpoint is an unusual and bearish signal. Underlying the technical aspect, we’d also add the market now seems convinced inflation persists, and until there is clear evidence to the contraray, the Fed won’t be cutting rates.This WeekNow that the bond market seems to finally believe the Fed regarding it’s stance on inflation, The Fed Minutes (notes from the last Fed meeting,Wednesday) and Employment report (Friday) loom large on the calendar. Our take is that bond prices have some room to worsen (rates to rise) and that market direction will be driven by the above mentioned technical/psychological factors until we have new data on inflation, and there aren’t any true inflation indicators on the calendar this week….
Scott Edward Ashley, 40, Canton Township, Michigan, pleaded guilty to one count of wire fraud in November, 2006, admitting to using bogus documents to fraudulently obtain approximately $3.8 million in loans. He was sentenced to 56 months in feder…
The Mortgage Asset Research Institute (’MARI’) released its Ninth Period Report to the Mortgage Bankers Association. The report examines the current state of residential mortgage fraud and misrepresentation in the United States based on par…
Though Kiplingers magazine recently named the Twin Cities one of the top five places to be married with children, a report released today to the Mortgage Bankers Association confers another set of rankings on Minnesota that aren’t so great. Turns out, Minnesota ranks 8th nationally for reported mortgage fraud for all loans, and 4th nationally for mortgage fraud in Sub-Prime mortgages: As we have reported, Minnesota is a high FICO score state, which makes the volume of Sub-Prime fraud more than a little disturbing. Other notable data points from the report: Reported mortgage fraud increased 126% in Minnesota from 2005 to 2006. As recently as 2003 Minnesota had such a low incidence of mortgage fraud that we were not even included in national statistics. Exploding problem, anyone? Fraudsters are also taking advantage of technology. A large number of Web sites have popped up on the Internet that enable unscrupulous individuals to create false names, boost credit scores, rent assets and create false documentation. Mortgage fraud perpetrators often have technology as good as, or better than, lenders. They also have virtually unlimited creativity. PDF: MARI Report to the MBA [mari-inc.com]ChoicePoint Press Release on the Report [choicepoint.com]Thanks to our west-coast friends over at Socketsite for pointing out the study….
Mark Todd Harless, 40, mortgage loan officer, Eugene, Oregon, pled guilty in connection with his participation in a scheme involving the use of fraudulent information on loan applications submitted to obtain mortgage loans. Harless was indicted b…