Kwaku Atta Poku, the Columbia cab owner who lost his family’s townhouse to foreclosure after a refinancing, despite having made every mortgage payment, is to get another chance to present his case today in Maryland’s highest court. In arguments that could change how lower courts handle foreclosure cases, attorneys for the immigrant from Ghana are [...]
Entries from January 2008
Washington Mutual Loses Record Payments, Forces Foreclosure
January 15th, 2008 · No Comments
Tags: Foreclosure Information · Mortgage Legislation · Mortgage Litigation
Mortgage Fraud Trippled Since 2003, Convictions Doubled
January 15th, 2008 · No Comments
According to the USA Today, the FBI opened 1,210 mortgage fraud cases in fiscal year 2007, nearly triple the number of new cases in 2003. Convictions more than doubled from 123 in the 2006 fiscal year to 260 in 2007. “We expect that number to increase again in 2008,” says FBI financial crimes section chief [...]
Tags: Foreclosure Statistics · Mortgage Scams
Only FHA Approved Brokers can charge for FHA Loan Origination
January 14th, 2008 · No Comments
If you are applying for a FHA backed loan, ask if your broker is FHA approved. Otherwise, you may be paying the origination fee twice. FHA loan origination services must be performed by a FHA-approved lender or FHA approved mortgage broker (loan correspondent). A loan correspondent may be compensated for the actual loan origination services [...]
Tags: Mortgage Legislation · Mortgage Scams