Tag archives for Mortgage Fraud

Bank of America Whistleblower Entitled to Job Back, $1 Million in Damages

The Countrywide employee that exposed massive fraud behind the company’s mortgage lending practices who was fired shortly after Bank of America purchased the lender has her job back and will receive approximately $930,000 in back wages, interest, compensatory damages and attorney fees. OSHA assistant secretary David Michaels commended the employee for “great courage” in his comments on the ruling. BofA Read full article »

Minnesota Determined to be a Mortgage Fraud Hot Spot

According to the second quarter Mortgage Fraud Index released by MortgageDaily.com, Minnesota’s mortgage fraud index increased 27 percent from the first quarter of this year. MortgageDaily.com bases the index on criminal and civil cases in which defendants are accused of “trying to deceive real estate lenders into making credit decisions using fraudulent documentation or property appraisals with false values.” On Read full article »

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 »

Potential Scam? Florida Lawyer Fending Off Ethics Complaints for Real Estate Lawsuit Club

Want to sue your lender for some sort of foreclosure- or mortgage-related fraud? Join the club – literally. A Florida lawyer who is targeting lenders on behalf of struggling homeowners will be happy to file several “innovative legal actions” on your behalf, but it costs $5,000 to join the lawsuit and the odds of winning a quick settlement are “a 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.