Thursday, September 20, 2007
AG To Hold Statewide Hearings On Proposed Mortgage Regs
Massachusetts Attorney General will hold hearings across the state next week on amendments her office has proposed to current mortgage lender and mortgage broker regulations to address unfair and deceptive tactics used in the mortgage industry. The proposed amendments, which were announced last month, are aimed at curbing practices in the mortgage industry which have contributed to the current foreclosure rescue crisis in Massachusetts.
The Attorney General’s Office anticipates that various elected officials, advocacy groups, affected consumers and industry representatives will testify at the regional hearings.
Attorney General Coakley will give opening remarks at the Boston hearing on September 20. Former Chief Judge for the U.S. Bankruptcy Appellate Panel for the First Circuit Court of Appeals Carol Kenner, currently serving Of Counsel to the Attorney General’s Public Protection and Advocacy Bureau, and Assistant Attorney General Christopher Barry-Smith, Chief of the Consumer Protection Division, will serve as the hearing officers.
The Attorney General’s Office proposed several amendments to the current regulations last month. Specifically, the regulations:
Prohibit mortgage brokers or lenders from making a loan if they do not have a reasonable belief that the borrower is able to repay the loan.
Restrict the abuse of no-documentation or “stated income” loans by requiring that the mortgage broker or lender disclose how the interest rates or other charges will increase under a “no-doc” loan, and obtain the borrower’s signed statement of income in order to process those types of loans.
Prohibit mortgage brokers from arranging or processing loans that are not in the borrower’s interest, and prohibit brokers from brokering loans if the broker’s financial interest conflicts with the borrower’s interest.
Prohibit mortgage lenders from steering borrowers to loan products that are more costly than those that the borrower qualifies for, and prohibits lenders from discriminating between similarly qualified borrowers.
The proposed regulations would also expand the scope of the existing mortgage lender and broker regulations prohibiting certain unfair and deceptive advertising practices. The regulations previously applied only to home improvement loans. As amended, the regulations apply to all mortgage loans, including refinancing or purchase money mortgage loans.
In addition to testimony given at these hearings, the Attorney General’s Office will accept written testimony and submissions from the public, with respect to the proposed regulations, through Thursday, September 27.
Upon completion of these hearings, the Attorney General’s Office will have the opportunity to make any appropriate revisions to the proposed regulations before final promulgation. The office anticipates that final promulgation of these regulations will occur by early October 2007.
The hearings will be held at the dates and times below:
Worcester Monday, September 17, 2007, 11:00 a.m.
Worcester Regional Chamber of Commerce
339 Main Street
Worcester, MA
Brockton Tuesday, September 18, 2007, 11:00 a.m
Brockton District Court, Rotunda Room
215 Main Street
Brockton, MA
Springfield Wednesday, September 19, 2007, 10:00 a.m.
Office of the Attorney General
1350 Main Street
Springfield, MA
Boston Thursday, September 20, 2007, 10:00 a.m.
The State House
Gardner Auditorium
Boston, MA
mortgage fraud
I know of a realtor that cashed out of their property twice in the amount of 100% and walked from the property and took the cash to buy a new one because of defaults on the builders behalf. they never tried to sell. they also made a fake company to collect fees from the new home. what should i do, i want to tell someone but i am afraid it will get out and nothing will be done.
Posted by on 09/24 at 06:15 PM
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Some Sources require Registration.
Mortgage Scam Ends with Prison
The Morning Call
A judge didn't hold back when Shirley Matthews appeared before him Tuesday to be sentenced for stealing from a Monroe County man instead of helping him save his home from foreclosure, as she was hired to do.
Woman Gets Prison Time After Mortgage Scam Conviction
Pocono Record
A New Jersey woman will be spending two to five years in state prison after she was sentenced on Tuesday for promising to help homeowners avoid foreclosure and then keeping the money she was given for their mortgages.
2 Indicted in Mortgage Scam Face New Charges
Newsday.Com
Prosecutors add extra charges to two who are charged in LI mortgage fraud with county legislator, dominatrix and her husband
Untangling Mortgage Fraud in Chicago Condo Buildings
Chicago Public Radio
Why did so many units go into foreclosure all at once? In some cases, the reason can be traced to mortgage fraud.
No Contest Plea Entered in Real Estate Fraud Case
Northbay Business Journal
Juan Carlos Alcala of Windsor pleaded no contest to nineteen felony counts and admitted three special allegations for defrauding real estate investors, money laundering and elder fraud.
Bedford Woman Sentenced to a Year in Prison for Mortgage Fraud
Plain Dealer
Sharon Cox, 49, of Bedford, was sentenced today to a year in prison for mortgage fraud involving money laundering, theft and receiving stolen property from August 2008 through March.
CITIZEN JOURNALISM: Mortgage Fraud High in Area
Washington Times
According to the FBI, Virginia, Maryland and the District are among the top 10 jurisdictions experiencing mortgage fraud.
Former Vegas Resident Charged with Mortgage Fraud in Nevada
National Mortgage Professional Magazine
A former Las Vegas resident has been charged with federal conspiracy and fraud charges for his involvement in a Nevada mortgage fraud scheme involving straw buyers and falsified mortgage loan documents...
Missouri Man Sentenced for Mortgage Fraud
Belleville News Democrat
A suburban St. Louis mortgage company operator has been sentenced to more than 11 years in prison for a mortgage fraud scheme.
12-Year Prison Term in Mortgage Swindle
Washington Post
A Maryland woman who stole millions from Washington area homeowners trying to avoid foreclosure is a "vulture" whose case should serve as a warning to other con artists...
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Trial coverage provided by Anne Mitchell, Crazy Fish Realty.
F. Jeffrey Miller Update - October 20, 2009
A hearing was held in Topeka, Kansas in front of Judge Julie Robinson. Miller is currently being held pending his sentencing which is set for December 22nd, 2009 at 9:00 a.m.. Steve Vanatta and Hallie Irvin, Miller's codefendants, will be sentenced at that time also.
Several motions were heard this week. One was a motion for Miller to be released pending his sentencing. Miller's attorney, Jeff Morris, argued that the court had dismmissed with predjudice the matter involving Miller's purchase of a commercial lawnmower, violating the court ordered monitoring agreement. He also argued that Miller was not a flight risk and should be released. This motion was denied.
Another motion heard by Judge Robinson was that of an escrow account containing proceeds from the sale of Miller's forfeited assets. This account has a balance of $143,000. Attorney Morris argued that his firm was due $100,000 for work done in the Miller matter, to date. The government argued that his 'un-itemized fees' were 'exhorbitant'. The balance of the funds, Morris argued, should be released to the Miller family to help pay for mounting household expenses.
The government argued that the 'Asset Forfeiture Provision' applies down to 'the last penny' and that 'the rights of the victims to made whole are of paramount immportance' and that no routine household expenses like Visa bills, are allowed.
Attorney Morris argues that there is more than enough assets to satisfy the jury's judgement of $2.65 million dollars. The government argues that the estimated value of his assets are only $1.4 million.
The government also stated that Miller has been paid dividends from a company Miller has an ownership interest in; Boreflex. From July, 2008 to present, Miller has been paid $330,509.30 from Boreflex, unbeknownst to the court appointed monitor.
Present in the courtroom was Todd Earnshaw. Earnshaw was indicted along with Miller and others in what is commonly referred to as 'Miller I'. That trial is scheduled to begin on January 11, 2010 in Topeka, Kansas.
More Trial Coverage
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