Mortgage Foreclosure & Refinance Resource

The F.B.I. has opened investigations into 14 corporations as part of a crackdown on improper subprime lending, agency officials said on Tuesday. Separately, Bear Stearns, Goldman Sachs and Morgan Stanley said government investigators were seeking information from them about their subprime mortgage activities. But it was not immediately clear if the disclosures by the [...]

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Two lawsuits were filled today.
One against Federal Home Loan Mortgage Corporation, more commonly known as Freddie Mac, “secretly and intentionally participated in one of the largest housing investment deceptions in modern U.S. economic times,” Ohio Attorney General Marc Dann last Friday filed a securities fraud class action lawsuit in federal court in Youngstown, Ohio.

Florida’s attorney [...]

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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 Sharon [...]

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