U.S. Pursues One of the Biggest Mortgage-Fraud Probes Since the Financial Crisis

U.S. Pursues One of the Biggest Mortgage-Fraud Probes Since the Financial Crisis At issue is whether income from apartment complexes was falsified to support larger loans–which often became part of mortgage securities. Owners of an apartment complex near Pittsburgh, who wanted to take out a mortgage on the buildings, allegedly made vacant units look occupied … Read more

Foreclosure Crisis Strikes Back: The Dark Side of Single-Family Rentals

The Dark Side of Single-Family Rentals After the foreclosure crisis, global equity firms (the dark side) snapped up thousands of single-family homes to rent out. This massive shift in the market has not been good for aspiring homeowners, tenants, or neighborhoods. In 2011 single-family home prices hit a two-decade low, and mortgage rates were as … Read more

Second Investor Pleads Guilty in Foreclosure Bid-Rigging Case

Second Investor Pleads Guilty in Foreclosure Bid-Rigging Case Real estate investor Christopher Graeve pleaded guilty this week to rigging online foreclosure auctions for homes with a total value of $8 million, the U.S. Department of Justice said. Graeve is the second real estate investor to plead guilty in this investigation. Stuart Hankin in June admitted to violating … Read more

FL 3rd DCA: Foreclosure Fraud – Once There’s a Loan Mod, Bank Can’t Win on Original Note Alone

No. 3D16-1553 Lower Tribunal No. 13-5691 ________________ Francisco Pijuan, et al., Appellants, vs. Bank of America, N.A., Appellee. An Appeal from the Circuit Court for Miami-Dade County, Eugene J. Fierro, Senior Judge. Appellants, defendants below, Francisco, Luisa, Francisco Jr. and Sonia Pijuan (“Pijuan”)1 appeal the final foreclosure judgment entered in favor of appellee, plaintiff below, … Read more

Chain of Title Podcast: David Dayen on The Background Report

Chain of Title Podcast: David Dayen on The Background Report Click on the above image to listen. Neal Barton did one of the more fun interviews with David Dayen about Chain of Title, where he got into some stuff in the book that he hasn’t talked about a lot. Chain of Title completists, check it … Read more

WSJ: The Stealth Pension Mortgage on Your House

The Stealth Pension Mortgage on Your House Real estate is the ultimate collateral for unfunded state public employee retirement obligations. Most cities, counties and states have committed taxpayers to significant future unfunded spending. This mostly takes the form of pension and postretirement health-care obligations for public employees, a burden that averages $75,000 per household but … Read more