Despite new rules, appraisers say pressure remains

By Joe Eaton

It’s been more than six weeks since new rules went into effect to clean up systemic abuses in the home appraisal business, but don’t ask an

Excerpts from this story referencing "mortgage broker":

"… eased home valuations, leading to bigger mortgages, bigger commissions for mortgage brokers, and a real estate bubble that nearly destroyed the U.S. economy.The code …"

Why is Andrew Cuomo shielding Fannie and Freddie?

By Joe Eaton

In 2007, New York State Attorney General Andrew Cuomo set out to investigate whether Fannie Mae and Freddie Mac purchased home mortgages bas

Excerpts from this story referencing "mortgage broker":

"… and investors who purchased the securities that later tanked.And like the mortgage brokers and lenders who made money off spiked loans, Cuomo wrote that “the inve …"

The appraisal bubble

By Joe Eaton

In 2004, years before plummeting real estate values turned Fort Myers, Florida, into a top five foreclosure capital, appraiser Mike Tipton f

Excerpts from this story referencing "mortgage broker":

"… reported feeling pressure to change property values, usually from lenders, mortgage brokers or real estate agents.“Congress didn’t really care about it,” Calla …"

"… ngaged in fraud for profit. Those cases target real estate speculators and mortgage brokers who work with appraisers to sell a house for far more than its true value …"

"… ed a lawsuit to try to block the rules, arguing that the code puts smaller mortgage brokerages at a disadvantage because they will be forced to rely on lenders to ob …"

"… r themselves or small businesses say the code will end their careers since mortgage brokers and other loan generation staff can no longer contact them directly. Inst …"

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Judge orders Quicken Loans to pay $2.7 million award in West Virginia fraud case

By Michael Hudson

A West Virginia judge has slapped online mortgage giant Quicken Loans Inc. with more than $2.7 million in punitive damages and legal costs a

A peek into the art of mortgage duplicity

By Michael Hudson

In many of Ameriquest Mortgage’s far-flung sales branches, employees outfitted break rooms or spare cubicles with the tools they needed to c

Excerpts from this story referencing "Ameriquest Mortgage":

"… published on the Political Bookworm blog at the Washington Post. …"

Coming soon: Simpler mortgage paperwork

By Michael Hudson

Now that she has a new job, Harvard law prof Elizabeth Warren isn't wasting time getting started. In her first week as an assistant to Presi
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WaMu bank executives aware of rampant fraud

By David Heath

WaMu bank executives aware of rampant fraud but failed to act

Excerpts from this story referencing "mortgage broker":

"… .To sell these high-risk loans, Washington Mutual paid huge commissions to mortgage brokers and loan officers. The worst the terms of the loan for the borrower, the …"

Reform reading: JPMorgan CEO not embarrassed to be banker

By Julie Vorman

A roundup of news and commentary to help consumers monitor the transparency and accountability of the Dodd-Frank financial reform law....

Excerpts from this story referencing "mortgage broker":

"… l Crimes Enforcement Network today proposed regulations that would require mortgage brokers and lenders not affiliated with banks to create anti-money laundering pro …"

Mortgage fraud reports rise, but some fraud may still be undetected

By Kat Aaron and Nick Schwellenbach

Reports of suspected mortgage fraud — fueled by the current economic crisis — are up in 2008, according to two new reports by the FBI and th

Excerpts from this story referencing "mortgage broker":

"… he current depressed housing market,” according to the report, including mortgage brokers, lenders, investors, investment banks, and credit rating agencies.The FBI …"

New system to track mortgage loan originators

By Sarabeth Sanders

In the years before the current economic collapse, it seemed as though everyone was getting in on the subprime mortgage frenzy. Usually, it

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