Tag archives for lending fraud

American Home Mortgage Servicing Accuses LPS of Robo Signing

After unsuccessfully trying to recover losses via mediation and discussion, American Home Mortgage Servicing Inc. (AHMSI) is suing Lender Processing Services (LPS) and affiliate DocX LLC for “improper execution, notarization and recording of assignments of mortgages,” also known as robo-signing. The allegations cover more than 30,000 residential mortgages and the suit was filed in a district court in Dallas County, Read full article »

FBI Says Market is Ripe for Mortgage Fraud

According to the FBI’s Mortgage Fraud Report, mortgage fraud persisted at “elevated levels” during 2010. And things are not likely to improve, says the bureau, as long as market remains in its current condition. “The current housing market will likely remain an attractive environment for mortgage fraud criminals in the near future,” the report said, as criminals “seek new methods Read full article »

New Jersey Attorney General Takes Down Seven Illegal Loan-Mod Businesses

In the state of New Jersey, you cannot offer loan modification services if you are not licensed to do so by the state. And it can cost a pretty penny if you attempt to work around this requirement. Just ask the seven unlicensed loan modification businesses now facing nearly $90,000 in penalties and restitution fees thanks to the state’s attorney Read full article »

Massachusetts AG Ramping Up Attack on MERS

Martha Coakley, Massachusetts attorney general, is taking on the Mortgage Electronic Registration System (MERS) in order to determine whether or not the lender-created company is guilty of foreclosure fraud. “We are currently investigating creditor misconduct in connection with unlawful foreclosures… false or misleading documents with registries in the Commonwealth,” Coakley announced via a letter to the Massachusetts Register of Deeds Read full article »

Real Estate Scam of the Day: Private Mortgage Lender CEO Convicted of $2.9 Billion Fraud

Yesterday Lee Bentley Farkas, former chairman of Taylor, Bean & Whitaker, was convicted in a Virginia federal court of “conspiracy to commit bank, wire and securities fraud”. Farkas appropriated more than $1.4 billion from Colonial Bank and $1.5 billion from Ocala Funding, thereby contributing to the collapse of both banks during the housing meltdown. Assistant attorney general Lanny Breuer called 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.

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.