With the incredible slow-down in the real estate industry, one of the biggest problems for banks, lenders and local governments is the massive volume of paperwork associated with problem properties. And, not surprisingly, where there is a paperwork problem, there are now also con artists making the best of a bad situation – literally. One new scam involves identifying deserted Read full article »
Tag archives for Foreclosure Scam
Real Estate Scam of the Day: Title Fraud Involved in New Rental Real Estate Scam
Robo-Signing Still an Epidemic
Although foreclosure servicers have, for the most part, cleaned up their act under intense public scrutiny, robo-signing is still rampant in many areas of the mortgage industry, alleges the associated press, citing an investigation that, among other things, found the signature “Linda Green” signed more than 20 different ways in just one firm. The Linda Green in questions actually worked Read full article »
Real Estate Scam of the Day: Foreclosure Scammer to Spend Next 25 Years in Jail
A man who promised California homeowners foreclosure settlements and eventual mortgage payoff will spend the next 25 years behind bars. Jeff McGrue promised homeowners that he would help them pay off their mortgages and alleged that he had worked out deals with banks. However, when happy homeowners sent him their monthly payments to resolve their foreclosures, McGrue kept the cash Read full article »
Real Estate Scam of the Day: Bid Rigging in California Counties
Eight real estate investors in Alameda and Contra Costa counties in California will face felony charges for bid rigging and mail fraud at public real estate foreclosure auctions. The investors had agreed prior to the auctions not to bid against each other to keep the prices on properties low. Later, they planned to have a private auction in which they Read full article »
Real Estate Scam of the Day: Attorney Who Closed Straw Buyers to Spend 5 Years in Jail, Pay more than $4 Million in Restitution
Cheddi Goberdhan acted as a closing attorney for straw buyers who ultimately walked away from overpriced mortgaged. Now he’ll be spending five years in jail, losing his law license and paying $4.7 million in restitution. The scheme was complicated, sometimes involving multiple straw buyer transactions designed to drive up the value of the home so that a larger mortgage could Read full article »
The Politics of Real Estate
Few industries are as profoundly impacted by the political machinations in Washington as the real estate industry. Whether it's old legislation like Jimmy Carter's Community Reinvestment Act or Barack Obama's massive mortgage bailouts, the U.S. political machine has a huge impact (usually bad) on the business of real estate.
Ideally, we could ignore politics. But here at the Bryan Ellis Real Estate Letter, we insist on seeing the world with clarity - including the reality of Washington's aggressive involvement in every facet of our business, from mortgage lending to real estate sales license; from loan modification regulations to appraisal requirements... every piece of our business is profoundly impacted by politics. So rather than stick our heads in the sand and ignore reality, readers of the Bryan Ellis Real Estate Letter choose to be informed and prepared.
Mortgage Industry News
Few things change more rapidly than the mortgage market, and with the increasing dominance of GSE's Fannie Mae and Freddie Mac over the mortgage business, it's more important than ever to keep up. Here are a few recent mortgage news updates:
-
Mortgage News
- HAMP Success Tally Slowly Growing
- Western States Working Through Foreclosure Backlog Quicker than Eastern
- Biggest Down Payments in the Country Found in New Jersey
- President Bypasses Congress, Appoints Director of the Consumer Protection Bureau
- Federal Reserve Recommends Expanding GSEs to Turn Housing Market Around
- Mortgage Rates Likely to Remain Low for a While Longer
- Top Former FDIC, Wells Fargo Execs Say Fannie and Freddie Must Go
- FHA Continues to Extend Anti-Flipping Waiver
- More Homeowners Using Delaying Tactics to Slow Down Foreclosures
- Now that It’s Passed: The True Cost of the Payroll Tax Cut
About Bryan Ellis
Bryan Ellis is an Atlanta-based real estate analyst and publisher of the widely read newsletter "The Bryan Ellis Real Estate Letter". With over 200,000 subscribers - including real estate investors, agents, brokers, appraisers and other real estate professionals - the Bryan Ellis Real Estate Letter is among America's largest sources of unbiased coverage of politics and public policy for the real estate industry.
Bryan Ellis serves as editor in chief for the Bryan Ellis Real Estate Letter and is assisted by an extraordinary staff of writers, researchers and editors who are each real estate experts in their own right and who assure that the news we report is well researched, factual, and highly relevant to today's real estate industry.
Bryan is very happily married and has two wonderful daughters. He makes his home in the suburbs of Atlanta, Georgia. You can contact the team at the Bryan Ellis Real Estate Letter here.
