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Illinois Files Suit Against Countrywide, But Who Is Really To Blame?
WalletPop - VA
I don't accept the argument that it's the mortgage company's fault for offering attractive mortgages. At the end of the day, if a buyer couldn't afford a house, he shouldn't have bought it. And with very few exceptions, home buyers are well aware of what they can and cannot afford. It's simple math: Money in, money out.

How the Bear Stearns Fraud Case Unfolded
NPR - USA
The FBI showed up on the doorstep of Bear Stearns executive Matthew Tannin on a Friday night early last fall. Agents wanted to talk to him about possibly providing some evidence against his boss at Bear Stearns, hedge fund manager Ralph Cioffi. Tannin's response was brief, "Talk to my lawyer."

State Takes Steps To Improve Its Efforts To Curtail Mortgage Fraud
South Carolina Now - South Carolina
Just a few short years ago, two studies showed South Carolina among the nation’s leaders in cases of mortgage fraud. Mortgage fraud is one of the fastest-growing crimes in the United States, according to the S.C. Department of Consumer Affairs’ 2007 Mortgage Fraud Report.

“Fool Me Once …”
National Mortgage News - Washington, DC
Now that the cascade of foreclosures has reduced the number of lenders involved in originations, loan modifications and short sales have become hot topics. Both are usually a pretty simple matter, but in these times, unwary lenders must be vigilant to avoid being "fooled" a second time. It’s something that can be all too common without an effective fraud detection system in place when dealing with borrowers in trouble.

Appraiser Independence and Congressional Action
National Mortgage News - Washington, DC
Last year, the House of Representatives passed a bill (H.R. 3915) that includes a ban on improper influence on appraisers. Coercion, extortion, instruction, intimidation, threat of non-payment and bribery are all mentioned as specific acts, which would be banned under the law. The bill has not been brought up by the Senate although the Senate is actively pursuing related legislation on mortgage finance matters and FHA authorizations.

Bear Stearns Defendants Showed Disregard for E-Mail Risks
Bloomberg - USA
The risks of putting sensitive information in e-mails were disregarded by two ex-Bear Stearns Cos. hedge fund managers indicted for fraud who allegedly exchanged incriminating messages, former prosecutors said.

Tough Economy Fertile Ground For Crop Of Scams
Chicago Tribune - United States
Popular Web sites in which people chat freely with each other are increasingly used by crooks to create a dialogue, build trust, then introduce an investment that may be a complete scam.

Con Artists Are Stealing Homeowners' Identities, Properties
Los Angeles Times - CA
In an up-and-coming scam noted by the FBI, a swindler establishes a line of credit in his name based on the equity in a property, then drains the house dry. In another ploy, the con man steals the house by changing the title over to his name and selling it out from under the owner.

Attorney General Fights Mortgage Fraud
DetNews.com - Detroit, MI
The mortgage foreclosure problem affects all 50 states, but the situation in Michigan is made more acute because of our state's job losses, plant closings and high unemployment rate.

FBI Investigating Kalamazoo Man For Possible Mortgage Fraud
MLive.com - MI
Rodney Hixon has a habit of overpaying for houses. Some people are wondering why. In May 2006, Hixon paid $128,000 for a 1,081-square-foot four-bedroom, one-bathroom house at 732 Roskam Court in Kalamazoo's Edison neighborhood. It was an extraordinary price in a neighborhood where homes were going for $40,000 to $80,000, and on a street where city tax records show the average market value for a home was $32,200 in 2006.

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