Mortgage Foreclosure & Refinance Resource

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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First found by mortgagemeltdown, Baltimore Sun reports that to stem foreclosures in Baltimore, Mayor Sheila Dixon’s administration is suing California-based Wells Fargo Bank mortgage provider for what the city says has been a pattern of higher-interest subprime mortgages to blacks more frequently than to whites and that the practice, known as reverse redlining, which violates [...]

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According to CNN and New York Times, Countrywide Financial, the nation’s leading mortgage lender, is facing a federal probe into its foreclosure practices. The U.S. Trustee, a part of the Justice Department, subpoenaed records to determine if two foreclosures in southern Florida represented abuses of the bankruptcy system by the lender.

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