Category Archives: Mortgage News – LoanSafe.org

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Mortgage Applications Up Last Week

Mortgage rates were at six week low before the rise we saw this morning. The low rates had caused mortgage application to rise this past week. According to the most recent mortgage application survey released by the Mortgage Banker’s Association on Wednesday, mortgage applications were up last week ending on April 11, 2014. Mortgage purchase applications […]

Spring Demand for Home Buyers Unpredictable

Freddie Mac’s US Economic and Housing Market Outlook for April revealed that the housing market is a bit unpredictable at the moment. Freddie Mac’s data projects that the 30-year fixed-rate mortgage may be on the rise which will in turn affect springtime home buyers. A rise in mortgage rates along with a low inventory of available […]

Attorney General Kane Warns Homeowners About Traveling Contractor Scams

(LoanSafe.org) – While home buying is a trend that is anticipated to pick up this Spring, homeowners should not be taking home improvement lightly. Attorney General Kathleen G. Kane last Friday released a report that home sellers and homeowners should pay attention to. According to the AG warning, there has been several reports of “traveling” […]

City of Dubuque Settles for Barring African Americans From Achieving Fair Housing

The City of Dubuque in the state of Iowa settled in a discrimination case yesterday with HUD. The case was an effort to fight discrimination practices againstAfrican Americans within the city limits. According to Title VI of the Civil Rights Act of 1964, it is illegal to discriminate against anyone on the basis of their […]

Former Rockwall Housing Development Executive Sent to Prison for HUD Fraud

Jennifer Tyson, the former executive director/manager of the Rockwall Housing Development Corporation (RHDC) from Rockwall, Texas was sentenced last Wednesday by U.S. District Judge Ed Kinkeade to a year and a day in federal prison for conspiring to steal federal funds from the U.S. Department of Housing and Urban Development (HUD). Tyson must also pay […]

Mississippi Man From Jackson Indicted for Hiding Millions From Bankruptcy Court

William D. “Butch” Dickson, a 58 year old resident from Jackson, Mississippi was indicted by a federal grand jury last Tuesday on 6 counts of bankruptcy fraud, 6 counts of bank fraud and 5 counts of wire fraud. Based on the charges, Dickson’s company, Community Home Financial Services (CHFS), is in Chapter 11 Bankruptcy in […]

Michigan Mortgage Broker Sent to Prison for Fraud

Firas “Russ” Bachi, a 41 year old mortgage broker based in Farmington Hills, Michigan was sentenced to 2 years of prison last Wednesday with an additional 24 months of supervised release for a bank fraud schemes that cost JPMorgan Chase 10 mortgage loans. Bachi was also ordered by US District Judge Bernard A. Friedman to […]

Home Builder Confidence Remains Steady for April 2014

A new report released today by the National Association of Home Builder (NAHB) revealed that builder confidence has held steady this month. The numbers are in, and according to the NAHB report, the construction of new single-family homes rose one point to 47 in April from 46 in March. The NAHB/Wells Fargo Housing Market Index can […]

The Reverse Mortgage Tidal Wave of 2014

More and more cash strapped seniors are looking for reasonable mortgage solutions to their money problems. The most popular loan today for senior citizens is the Federal Housing Administration (FHA) insured Home Equity Conversion Mortgage (HECM) or what is more commonly known as a reverse mortgage. These loans allow seniors who own  a single family home or a […]

Florida Real Estate Criminal Sentenced to Prison for $21 Million Property Scam

Loretta Seneca, a 51 year old Boynton Beach, a former Realtor and current Florida resident was sentenced to prison by U.S. District Judge Robert N. Chatigny in Hartford last Tuesday for her role in a real estate investment fraud scheme that was admitted to early last year. Seneca’s 27 months of imprisonment will be followed […]

Mortgage Applications Go Down

On Wednesday, the Mortgage Bankers Association reported that mortgage applications were lower than the previous week ending on April 4, 2014. The Market Composite Index which can be defined as a measure of mortgage application loan volume fell by 1.6% on a seasonally adjusted basis over this past week. On an adjusted basis, the adjustment […]

Mortgage Complaints Nearly Doubled in 2013

The variety of mortgage complaints made in 2013 significantly rose from 2012.  According to a report from the Consumer Financial Protection Bureau (CFPB), there were approximately 163,700 complaints made in 2013 while there were only 91,000 complaints received in 2012. The CFPB was formed to handle all consumer complaints under the authority of the Dodd-Frank […]

For-Profit School Scams and Student Loan Fraud

This article is about for profit school scams, slimy loans and students committing loan fraud by using mom’s identity to pay for multiple cosmetic surgeries. I know, it totally sounds like a bad script for an American trashy cable TV show. But this is a true story based on facts, rather than the imagination of a […]

Two Missouri Businessmen Plead Guilty to Defrauding TARP Bank

(SOURCE: SIGTARP) WASHINGTON, DC – Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and Richard Callahan, United States Attorney for the Eastern District of Missouri, today announced that James Crews, 56, of Wentzville, Mo., and Michael Hilbert, 62, of St. Charles, Mo., pleaded guilty on Monday to defrauding Excel Bank, which […]

CFPB Releases Report on BofA’s Compensation for Consumers Affected by Their Illegal Credit Card Tactics

(Source: CFPB) – Today we’re fining Bank of America, N.A. and FIA Card Services, N.A. for unfairly billing consumers for services relating to identity theft protection “add-on” products and for using deceptive marketing and sales practices for credit protection “add-on” products.

NAHB Invites Multifamily Owners and Developers to Enter Best Apartment/Condo Contest

(Source: NAHB) – The National Association of Home Builders (NAHB) opened its call for entries for the 2014 NAHB Pillars of the Industry Awards competition. Multifamily owners and developers, property managers, architects, interior designers and multifamily industry professionals are invited to enter the competition.

New Book Released by the Appraisal Institute to Help Expand Energy Efficient Homes

(Source: Appraisal Institute) – Appraisers need to get up to speed on the latest energy efficient home features and should learn to determine how green a property is, according to a new book by the nation’s largest professional association of real estate appraisers.

Wells Fargo and Fortis Remain Accused in $1.5 Billion Subprime Mortgage-Backed Securities Fraud Case

(Source: Ahmad, Zavitsanos, Anaipakos, Alavi & Mensing P.C., or AZA) – A lawsuit filed by European bank LBBW Luxemburg S.A. over an alleged $1.5 billion subprime mortgage-backed securities fraud scheme cleared a significant hurdle last week when a federal judge denied the defendants’ extensive motions to dismiss.