Via NY Daily News: “Three months ago, in his State of the Union speech, President Obama announced a new task force to investigate mortgage fraud and bring some measure of relief to the 12 million American families who are either losing their homes or in danger of losing them. The new Residential Mortgage-Backed Securities Working Group would be co-chaired by New York State Attorney General Eric Schneiderman, U.S. Attorney John Walsh of Colorado and three Washington insiders from the Justice Department and the Securities and Exchange Commission. Obama said, “This new unit will hold accountable those who broke the law, speed assistance to homeowners and help turn the page on an era of recklessness that hurt so many Americans.” Whether or not the President, attorney general and others intend to get around to this task someday, “speed” was a terrible word to choose. Because 85 days after that speech, there is no sign of any activity…”.* The Young Turks host Cenk Uygur breaks it down.
Read more from Mike Gecan and Arnie Graf: http://www.nydailynews.com/opinion/obama-mortgage-unit-awol-article-1.1063094
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Mortgage Fraud on the first time homebuyer tax credit is rampant.
http://www.presstv.com/Program/207260.html
15/10/2011
Taylor, Bean & Whitaker was a top 10 wholesale mortgage lending firm. Taylor, Bean & Whitaker closed $35 billion in residential mortgage loans in 2007. The company ceased operations on August 5, 2009 following a suspension by the Federal Housing Administration from making FHA mortgage loans and Ginnie Mae mortgage backed securities the previous day. Two days earlier the FBI had raided the company’s Ocala headquarters. FBI agents had raided the headquarters of Taylor Bean & Whitaker on August 3, 2009 in what appeared to be an investigation related to TB&W’s acquisition of a majority stake in Colonial BancGroup. Taylor Bean & Whitaker had signed a deal on March 31, 2009 to become the majority owner of Colonial BancGroup in a $300 million equity stake. As of August 14, 2009 Taylor Bean & Whitaker ceased business operations and terminated all employees at its Ocala, FL office.
FreeinTX addresses MortgageGate.
Today, Attorney General Martha Coakley filed final, revised mortgage broker and mortgage lender regulations with the Secretary of State and has issued official guidance to the broker and lender community to help them understand and implement the new consumer protection regulations governing mortgage brokers and lenders. The regulations, which take effect on January 2, 2008, codify several forms of mortgage fraud and unfair lending which contributed to the recent meltdown in the subprime market and the resulting foreclosure crisis in the Commonwealth.
A Florida Highway Patrol trooper based in Tampa has been arrested for grand theft of more than $100,000 in a mortgage fraud case, state officials said.