Mortgage and Financial News From 2007-12-28 Page 7

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  • (ERIC SEALS/DFP)

    Detroit Free Press - Mortgage meltdown hits The bursting of the nation's housing bubble was another hit to Michigan's struggling economy. Defaults ... Officials said dodgy marketing of loans and fraud also contributed to the problem. Metro Detroit was especially hard hit. As ...
    2007-12-28 02:21:00

  • Rising rates and falling confidence

    Times Online - Mortgage lenders were swift to withdraw their best fixed-rate deals. Meanwhile, tens of thousands of current account customers ... fiasco in the tax credits system as it emerged that about £2 billion had been wasted in overpayments, errors and fraud. To ...
    2007-12-28 03:40:00

  • Home prices plunge and nine other top stories from ‘07

    Palm Beach Interactive - Mortgage fraud soars. Mortgage rip-offs by predatory borrowers have become so rampant in South Florida that federal prosecutors formed a task force to investigate the scams. Mansion prices keep rising. Defying the overall housing market, prices on the ...
    2007-12-28 06:29:00

  • Fraud investigators prepare for arson cases

    Wearford Democrat - Insurance investigators examining fraud are expecting and preparing for a rash of arson cases. Such incidents caused by homeowners, hard on their luck, and attempting to avoid foreclosures and increasing monthly payments as the subprime mortgage ...
    2007-12-28 05:46:00

  • Credit Crisis? Just Wait for a Replay

    New York Times - ... that the financial world shakes every time a company reveals some new exposure to the disastrous world of subprime mortgage ... And there is no reason to think that fraud was a big factor in the corporate loan market, as it seems to have been in ...
    2007-12-28 11:01:00

  • Public safety briefs: Man found dead after shots are fired

    Kansas City Star - A federal jury in August found McFadden-Weaver guilty of participating in a mortgage fraud scheme with two others. Chief U.S. District Judge Fernando Gaitan heard arguments on sentencing earlier this month but took the matter under advisement to ...
    2007-12-27 03:27:00

  • May 2007 - A Look Back

    13 WHAM - The month of May also brought temporary freedom to two brothers convicted in a massive mortgage fraud scheme. An appeals court overturned the convictions of Richard and Robert Amico. The brothers have since been resentenced after accepting a plea deal
    2007-12-28 02:14:00

  • Fitch Rates FHASI $265MM Mortgage P-T Ctfs, Series 2007-6

    Forbes - Fitch believes the above credit enhancement will be adequate to support mortgagor defaults as well as bankruptcy, fraud, and special hazard losses in limited amounts. In addition, the ratings reflect the quality of the mortgage collateral, strength ...
    2007-12-28 11:22:00

  • Real estate gray zones or "Can they really do that?"

    San Francisco Gate - Is that kosher or is that mortgage fraud? "A lot of people don't understand that banks usually allow up to 3 percent of non-recurring closing costs," says Spindler. "And if there's another $10,000 toward clearing a pest report, that's usually OK as ...
    2007-12-28 01:52:00

  • Freddie Mac warns of fraud via Web video (Denver Post)

    Mortgage investor Freddie Mac is taking its consumer-protection message to an unusual place: YouTube.com.
    2007-12-28 12:09:50

  • No fraud in $1.5B Genesco buyout: Judge (CNN Money)

    Rival retailer The Finish Line must complete its purchase after its case, alleging Genesco fraud, is dismissed.
    2007-12-28 04:23:23

  • Execs busted cheating, brawling in 2007

    CNBC - Charles Prince, Stan O'Neal Proving again that chief executives are the only ones with nothing at risk if their companies slump, the Merrill Lynch & Co. and Citigroup Inc. CEOs retired suddenly as declining mortgage holdings shrunk their banks ...
    2007-12-28 02:50:00

  • Stocks Plunge on Data, Bhutto Killing

    MSN MoneyCentral - Fannie Mae (FNM) and Freddie Mac (FRE) were boosted by news that mortgage oversight body OFHEO classified both mortgage finance companies as adequately capitalized as of September 30, 2007. OFHEO reports Fannie had a 5.9% surplus above the OFHEO ...
    2007-12-28 11:58:00

  • Mortgage service firm files for bankruptcy

    Stamford Advocate - At least 70 mortgage companies have halted operations, gone bankrupt or sought buyers since the start of 2006, according to data compiled by Bloomberg. At least 19 of those have sought bankruptcy protection this year after rising defaults led to a ...
    2007-12-28 01:57:00

  • Growth funds outpace value names in 2007

    CNBC - NEW YORK (AP) - Funds dedicated to growth companies had surprisingly solid gains for 2007, withstanding market turbulence ... In the fourth quarter, however, recurring concerns about the housing market and the effects of faltering mortgage loans on ...
    2007-12-28 03:25:00

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