A group of homeowners has filed a class-action lawsuit against Aurora Loan Services LLC, claiming the mortgage company duped them into paying tens of thousands of dollars each to have troubled mortgages reviewed by the company with promises of loan modifications, only to have their property foreclosed with little or no notice. The suit states that Aurora reaped more than $100 million in what the court documents call “illicit profits” from the alleged scheme.Read more

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Rep. Barney Frank (D-MA), Chairman of the House Financial Services Committee, and Congressman Paul E. Kanjorski (D-PA), Chairman of the Subcommittee on Capital Markets, Insurance, and Government-Sponsored Enterprises have released letters to the White House calling for the Federal Housing Finance Administration (FHFA) to use all of its powers to recover money from companies that used fraud and deceptive practices to shift losses on to Fannie Mae and Freddie Mac.Read more

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The National Association of Mortgage Brokers (NAMB), the Association of Mortgage Professionals, has recognized June as National Homeownership Month, an important time for the American economy and American consumer as the housing industry continues its recovery. “NAMB applauds Rep. Gary Miller (R-CA) for his resolution recently passed by the House of Representatives recognizing June as National Homeownership Month, and for his hard work on and commitment to the recovery of the housing industry,” said NAMB President, Jim Pair, CMC.Read more

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A federal indictment was unsealed that charged three Minnesotans in connection with an alleged mortgage fraud scheme that resulted in a $16 million loss for lenders. The indictment, filed with the U.S. District Court in Minneapolis on June 15, was unsealed following the initial appearances of the three defendants, which occurred earlier. The indictment charges Ericvan Anthony McDavid of Brooklyn Center, Minn.; Larry Africanus Hutchinson of St. Paul, Minn.Read more

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An indictment was unsealed against Kirk H. Kirby, Sholonda Y. Johnson, and Royal K. Williams, charging them with three counts, each, of wire fraud, in connection with a real estate investment scheme that caused more than $7 million in losses to lenders, as announced by United States Attorney Zane David Memeger. Kirby owned and operated Invictus Financial Group (IFG), located in Havertown, Pa. Johnson was a loan officer at various mortgage brokerage companies. Williams was an accountant and the principal of R. Williams and Co.Read more

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The Federal Trade Commission (FTC) has created a “teaser” Web site for a fictitious lending company that warns consumers about how easy it is to be fooled by scammers charging up-front fees for bogus loans. The site also explains how to spot and avoid loan scams. The Web site is part of a consumer education campaign to help consumers manage their money and learn to recognize scams.Read more

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An estimated 5.5 million homeowners facing imminent foreclosure are one signature away from assistance thanks to legislation approved in both the Senate and House of Representatives. The plan is modeled after the successful Pennsylvania program Rep. Chaka Fattah (D-PA) introduced and steered into law in 1983, the Homeowners’ Emergency Mortgage Assistance Program (HEMAP) as a state representative in the Pennsylvania legislature. Since HEMAP’s inception in Pennsylvania, more than 43,000 owners have avoided losing their homes.Read more

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The Federal Housing Finance Agency (FHFA) has announced a new initiative by Fannie Mae and Freddie Mac to improve the consistency and quality of data for appraisals and other loan information. This will enhance the depth of collateral, borrower and loan data submitted to the government-sponsored enterprises (GSEs). The Uniform Mortgage Data Program is a long-term, joint effort to create improved and uniform data standards and collection processes. The GSEs have worked with industry participants to develop the uniform standards.Read more

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A mortgage fraud trial that began in mid-February before U.S. District Judge Sam A. Lindsay, has concluded as the jury found all eight defendants guilty of various offenses related to their role in a mortgage fraud scheme they operated in the Dallas area from March 2002 to January 2006, announced U.S. Attorney James T. Jacks of the Northern District of Texas.Read more

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