Real Estate Agent Pleads Not Guilty In Ohio Fraud Scheme
Mortgage Fraud BlogScott McCann, 45, Columbus, Ohio, has been arraigned and plead not guilty to charges stemming from a mortgage fraud scheme involving several Ohio properties. McCann was released on $100,000 bond with strict orders not to contact other persons involved in the scheme. As previously reported by Mortgage Fraud Blog, Gihan Ahmed Ismail Zalat aka Gigi Zalat, 40, Columbus, Ohio, and McCann, were separately indicted for engaging in a pattern of corrupt activity, aggravated theft, money laundering and receiving stolen property. Read more at the Mortgage Fraud Blog.
2 Arrested in So Cal Real Estate Fraud Conspiracy
Mortgage Fraud BlogDaniel Rudat, 43, was arrested by investigators from the San Bernardino County, California District Attorney’s Real Estate Fraud Unit, outside of his residence in the City of Orange, California, regarding felony charges connected to real estate fraud. Rudat was arrested for several felony counts including forgery, conspiracy, and filing forged documents with the County Recorder’s Office. Thursday, February 21, 2008, Ronald Fauria, 71, a co-conspirator of Rudat, was arrested at his Irvine home for similar charges. Read more at the Mortgage Fraud Blog.
NY attorney general near Fannie, Freddie deal
ReutersBy Patrick Rucker WASHINGTON (Reuters) - Mortgage firms Fannie Mae (FNM.N: Quote, Profile, Research) and Freddie Mac (FRE.N: Quote, Profile, Research) would require their mortgage lending partners to have independent appraisals of home values under a deal being thrashed out with New York's attorney general, sources familiar with a draft deal said on late Monday. Andrew Cuomo, New York's top lawyer, began a wide-ranging investigation last spring into how Wall Street bundled and sold billions of dollars of home loans to investors and a deal with Fannie Mae and Freddie Mac would close an important line of his inquiry. Home appraisals would have to come from assessors that do not have formal ties with a lender or mortgage broker, according to sources familiar with negotiations over a deal that could be finalized as soon as Tuesday. Read more at Reuters.com.
Foreclosure auctioneer's lonely task
With housing market's downturn, an auction is no longer a hot propertyBy Nick Miroff Washington Postupdated 2:43 a.m. ET, Fri., Feb. 22, 2008 WASHINGTON - With an unhurried stride and a fresh stack of mortgage loans gone bad, Rick Crossley arrived at the small plaza outside the Prince William County courthouse on a bright, windy morning recently and found it deserted. He cleared his throat, opened a thick folder and, with little ceremony, began to read aloud. "This is a trustee's foreclosure auction," he announced. "Any parties with interest, please step forward at this time." The deliveryman unloading packages nearby paid no attention; a sheriff's deputy gave little more than a passing glance. Crossley continued. Read more at MSNBC.com.
New data reveal breadth of housing slump
Data show existing home sales lower in 45 states at end of 2007Associated PressWASHINGTON - Sales of existing homes fell in 45 states during the October-December quarter, with metropolitan areas showing growing weakness, a real estate trade group said Thursday. The fourth-quarter data from the National Association of Realtors underscore the breadth of the housing market’s slump. South Dakota was the lone state to show a sales increase. Existing home sales there rose 8.9 percent from the same quarter a year ago. Sales were unchanged in North Dakota. No sales figures were available for Idaho, Indiana and New Hampshire. Sales also fell in Washington, D.C. Read more at MSNBC.
Major Lenders Expand Mortgage Relief Plans
MSNBCWASHINGTON - The Bush administration, trying to deal with a worsening housing slump, announced a new initiative Tuesday aimed at helping homeowners about to lose their homes. For qualified homeowners, it will put the foreclosure process on hold for 30 days. Read more at MSNBC.
Scrutiny Tightens for Title Insurers
The Wall Street JournalBy JOHN R. WILKE February 12, 2008; Page A1 The collapse of the housing boom is bringing harsh new scrutiny to the $17 billion title-insurance business, including allegations that insurers colluded illegally and paid kickbacks to agents or brokers to get business. In the latest legal challenge, an antitrust suit filed Feb. 1 in federal court in Brooklyn accuses the four firms that dominate title insurance nationwide of illegally fixing prices in New York state. Although insurance firms have limited immunity from antitrust claims because state regulators approve their rates, the suit accuses title firms of concealing improper costs underlying their rate requests. Read more at the Wall Street Journal.
Real Estate: How Far Will It Fall in 2008?
By Alex Frangos From The Wall Street Journal OnlineThere is one big question looming for homeowners and commercial real-estate investors this year: How much worse will it get? The past year was the most painful in decades for residential real estate, as defaults on loans to less-creditworthy borrowers created a broader credit squeeze. House prices fell, home ownership dropped, foreclosures soared, and the housing market emerged as the soft underbelly of the economy. Commercial real estate hit its peak early in 2007, when private-equity firm Blackstone Group LP paid $23 billion for office giant Equity Office Properties Trust, and then did an about-face. As credit tightened throughout the economy, commercial-property values tilted downward for the first time in several years. Read more at RealEstateJournal.com.
Reports of Arson Escalate Alongside Foreclosures
Banks.comBy Hayli Morrison The fire departments of Detroit and other cities have been investigating more arsons lately. Coincidence? Perhaps, or perhaps not. But the Detroit Fire Department has noted that they issued twice as many arrest warrants on arson charges in 2007 than they did in 2005. Also, since 2004, the median home price in Detroit has dropped more than 17 percent to $145,173 and foreclosures increased more than 65 percent, according to MSN Money. Read more at Banks.com.
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