Mortgage and Financial News From 2007-8-25 Page 9
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NVR Mortgage Finance's Credit Tightens
MSN MoneyCentral - Edwards analyst Gregory Gieber said the limitations on second lien loans could hurt NVR the most. Those loans, also known as piggyback mortgages, let homebuyers take out a traditional mortgage for the first 80 percent of the property and then borrow ...
2007-08-24 10:27:00 -
Key events in the cash crunch
Toronto Star - Countrywide Financial shares drop while Fremont General Corp., one of the largest providers of subprime loans, says it has stopped offering some second mortgages. Feb 2007: Europe's biggest bank, HSBC Holdings, blames soured U.S. subprime loans for ...
2007-08-25 08:29:00 -
Subprime problem hits 2 China banks (International Herald Tribune)
Investors punished Bank of China, which had reported holding more than $9 billion in securities backed by U.S. subprime mortgages, and Industrial and Commercial Bank of China, which had disclosed $1.23 billion in exposure.
2007-08-24 12:09:05 -
NVR Mortgage Finance's Credit Tightens (AP via Yahoo! Finance)
NVR Inc.'s finance arm disclosed Friday that lenders excluded several types of mortgages from its borrowing agreement, shrinking the homebuilder's ability to attract new customers in an already tough market.
2007-08-24 10:31:45 -
Bank of China Shares Plunge (New York Times)
Shares in the Bank of China dropped 5.4 percent on Friday after it disclosed that it held nearly $9.7 billion in securities backed by subprime mortgages.
2007-08-25 01:11:13 -
Susman Godfrey Sued Over Alleged Fraud, Conspiracy
Law.com - ... associated entity; and John Norment, New Century's chief technology officer for its retail division -- engaged in fraud and ... New Century Mortgage Corp., et al. , Dallas-based Positive Software had sued New Century in U.S. District Judge David Godbey's ...
2007-08-25 03:14:00 -
Real estate fraud leads to guilty plea
Austin American-Statesman - ... Deljavan, 56, the former owner of Austin Realtors Network Inc., pleaded guilty Thursday to conspiracy to commit mail fraud ... Federal prosecutors say Deljavan was the leader of a scheme that defrauded banks and mortgage brokers of $15 million. Twenty ...
2007-08-25 05:15:00 -
Home sales up nationally, down 20.9 percent here
Frederick News-Post - DLLR's Financial Regulation Enforcement Unit has already initiated investigations into 95 mortgage related cases this year, and will hire four new investigators to step up their efforts to root out mortgage fraud, according to a statement. Perez is ...
2007-08-25 05:51:00 -
Candidates tackle mortgage lending
The State - That way abrupt increases in adjustable-rate mortgage rates would not again shock them and the markets so violently, they say. They also generally are pushing for more vigorous enforcement of anti-fraud statutes. Republicans • Former N.Y. mayor ...
2007-08-25 03:42:00 -
Fraud probe nets pair
Pioneer Press - A federal grand jury has indicted two Minnesota women in a mortgage-fraud scheme that allegedly affected hundreds of mortgages made since 2003. The pair ran Profile Title & Escrow Corp., an apparently defunct title company that had offices in ...
2007-08-23 12:53:00 -
Special team targets loan sharks
BBC UK News - Investigations into illegal money lending have also uncovered offences relating to benefit and mortgage fraud, blackmail, drugs, firearms and counterfeit goods." The Citizens Advice Bureau (CAB) said it was difficult to assess the scale of the ...
2007-08-25 08:21:00 -
Nine indicted in central Ohio mortgage fraud scheme
WDTN - COLUMBUS, Ohio (AP) - Nine people are accused in a $25 million mortgage fraud scheme in central Ohio. Authorities in Columbus today say the people exaggerated the value of more than 500 real estate properties to mortgage lenders and prospective ...
2007-08-22 12:54:00 -
No licensing leads to more Missouri fraud
Kansas City Business Journal - Among the ranks of Missouri's mortgage brokers are convicted drug dealers and bank robbers, according to the Federal Bureau of Investigation . Julia Jensen, an FBI special agent who investigates mortgage fraud cases, said serious criminal and civil ...
2007-08-24 12:55:00 -
Grand jury indicts 2 for alleged mortgage fraud (BizJournals)
The Ohio Attorney General's Office is charging two Central Ohio men with participating in an alleged mortgage fraud scheme.
2007-08-24 07:03:09 -
Grand jury indicts two in mortgage-fraud case (The Columbus Dispatch)
Two Columbus-area men were indicted by a Franklin County grand jury yesterday in connection with a mortgage-fraud case related to properties in Franklin and Ottawa counties.
2007-08-25 02:42:40