Mortgage Fraud

Maggie Williams, Clinton Campaign Manager, Director of Bankrupt Subprime Lender

If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!The tangled web of the housing market and politics is getting deeper. Hillary Clinton is proposing a 30 billion dollar bailout of the housing market. This obviously is a move to gain a populist edge in the coming election. [...]

31Mar2008 | Tom Royce | 0 comments | Continued

Mortgages and Foreclosures, The Next Political Pinball

Folks, if my political prognosticating hat is on correctly, our real estate industry is going to be front and center in the 2008 Presidential Race. The New York Times, the paper of record and the barometer for how the media covers things, has 2 big articles on foreclosures today as their top stories.
On one hand [...]

26Mar2008 | Tom Royce | 4 comments | Continued

FBI Creates Nevada Mortgage Task Force

The FBI has been sleeping through the mortgage fraud crisis hoping the elephant in the room would just go away. The banks lose a few million, homeowners end up with reduced property values, and we do not have to get our budgets blown out.
However, the elephant has started tearing things up just a little too much and now the [...]

15Mar2008 | Tom Royce | 0 comments | Continued

Could Fannie Mae Go Belly Up?

That is the question that is being asked over at Smart Money. They have gone through the balance sheet of the public private mortgage guarantor are concerned. Creative accounting and overly positive projections paint a picture that could be far from reality.
This would not be as worrisome but the past history of Fannie Mae [...]

14Mar2008 | Tom Royce | 2 comments | Continued

Countrywide Being Investigated - Is This Bank Of America’s Out?

The business practices of Countrywide Financial are being investigated by the FBI according to Bloomberg. While it is hard to keep track of everything, the charges of security fraud are hard to get out of if Mozilo selling a huge chunk of his stock right before the share price tanked does raise a red flag. [...]

9Mar2008 | Tom Royce | 2 comments | Continued

Is New York State Going To Impose a 1 YEAR Mortgage Moratorium?

The American Republic will endure until the day Congress discovers that it can bribe the public with the public’s money. Alexis de Tocqueville
We are getting closer and closer to the end of the republic and into a world of quasi socialism as the politicians pandering increases. The most recent example is the New York [...]

6Mar2008 | Tom Royce | 0 comments | Continued

First Guilty Plea In 100 Million Dollar Penland, NC Swindle

It looks like the big fish has rolled over in the Penland land scam. Neil O’Rourke, ringleader of the 100 million dollar land scam has plead guilty in US District Court on the condition that he will testify against others charged in the probe.
This is one of the largest frauds committed in the United [...]

7Feb2008 | Tom Royce | 2 comments | Continued

FBI Investigating 14 Subprime Companies? Smokescreen or Crackdown?

The FBI is investigating 14 unnamed companies who have been involved in the subprime lending industry. They are searching for fraudulent behavior in the packaging and selling of loans and the subsequent bundling for investment purposes.
We all know that there was a great deal of fraud that was in the system at the end [...]

30Jan2008 | Tom Royce | 6 comments | Continued

Reckless Lending To Unqualified Borrowers Has Caused Many Problems

We have talked about the huge amounts of money coming into the real estate world and the lenders who lent this money to people obviously unqualified to borrow it. But this impassioned paragraph from John McWilliams, a Florida real estate broker, does hit the nail on the head on the worst of the lending abuses. [...]

7Jan2008 | Tom Royce | 0 comments | Continued

Colorado’s Kenneth Germain Accused of Multi-Million Dollar Mortgage Fraud

It is amazing the hubris that some of the scamsters have engaged in. A Kenneth Germain, 64, of Colorado is facing 62 counts of security fraud and theft in a wide ranging mortgage fraud case. Germain is accused of stealing millions of dollars by selling homes that were already foreclosed upon and then setting himself [...]

4Jan2008 | Tom Royce | 0 comments | Continued