Saturday, September 09, 2006

betrug / fraud

gehe jede wette ein das sich diese berichte in den nächsten wochen häufen werden. hier ist alles dabei was seit langem bekannt ist und erst jetzt zum tragen kommt da keine refinanzierungen mehr möglich sind bzw. die häuser nicht mehr verkäuflich sind. jahrelang haben sich alle mit diesem system arangiert und nun plötzlich rufen alle nach härteren richtlinien. 4 jahre zu spät.

dank geht an winjr und ben

Mass. takes action against lenders


BOSTON — State regulators ordered 11 firms to stop doing mortgage business after investigators found evidence that brokers steered prospective home buyers into mortgages they couldn't afford, and lenders looked the other way.

The Division of Banking on Friday also made emergency amendments to state regulations governing the industry, and sent a letter to brokers, lenders and financial institutions statewide threatening further action should more evidence of wrongdoing emerge.

The division said recent surprise investigations of lenders and brokers turned up evidence that some firms intentionally steered customers into home loans they couldn't afford, typically by inflating borrowers' actual income in application documents.

Also, some lenders who bundle mortgage loans and sell them as securities on so-called "secondary markets" failed to correct the income discrepancies before selling the bundled mortgages, Commissioner of Banks Steven Antonakes said.

"Some of the lenders have perhaps not been doing the level of due diligence they should be doing, and underwriting the loan," he said.

"We have sort of come upon a perfect storm in the industry, where interest rates have cooled and real estate prices are high," Cuff said. "In a competitive atmosphere, everyone is fighting for business, and it's appropriate to regulate the industry."



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