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Josh Goldberg charged with mortgage fraud

January 22, 2013
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Josh Goldberg charged with mortgage fraud

A federal grand jury indicted mortgage broker Joshua S. Goldberg today, alleging he helped steal $2.5 million from various lenders through a mortgage fraud scheme in Baltimore. City Paper first outlined the scheme in this 2008 story. As the financial crisis worsened Goldberg and his husband, Bayardo Alvarez, continued to get big mortgages and...
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Posted in Crash Course, The News Hole | 606 Comments »

Lender CEO Guilty in $3 Billion Fraud

April 20, 2011
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Lender CEO Guilty in $3 Billion Fraud

A federal jury on Tuesday found the flamboyant founder and CEO of bankrupt Florida mortgage lender Taylor Bean and Whitaker guilty of fraud. Lee Farkas appears to be the first CEO convicted of a crime in the five-year-old mortgage crisis. He faces life in prison at his July sentencing. Farkas, a college dropout, founded...
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Posted in Crash Course | 4 Comments »

It Was All Liar’s Loans

January 8, 2011
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It Was All Liar’s Loans

My friend William Black has an excellent (if badly proofread and edited) analysis of our economic situation here at HuffPo (via Benzinga). He explains how the liar’s loans—those no-documentation, no-underwriting home mortgage “products” that took over the market in the mid-2000s—caused all the trouble. The main problem is that the industry never defined its...
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Big Banks as The Producers? Not Likely

October 18, 2010
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Big Banks as The Producers? Not Likely

Here’s Krugman on the “mortgage morass” now enveloping the foreclosure machine like a blob. He’s got this relatively well pegged (dig his dig on the WSJ plutocrats). But one of his commenters has a theory I think deserves some consideration. What if, as Mike O. of Oakland, Calif., suggests (actually, asserts), the banks and...
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Posted in Crash Course | 649 Comments »

Mortgage Fraud Foreclosure Fraud, Part III

October 15, 2010
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Mortgage Fraud Foreclosure Fraud, Part III

The New York Times’ David Streitfeld visits the woman whose foreclosure allegedly started what some are calling “foreclosure-gate.” While I’m not sure how anyone can say for certain that this is the Alpha case, it is a very good story. Streitfeld quotes and describes the borrower, Nicolle Bradbury, who hasn’t paid in two years....
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Posted in Crash Course | 368 Comments »

More Mortgage Fraud Collection Fraud

October 11, 2010
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More Mortgage Fraud Collection Fraud

So Friday Bank of America stopped its foreclosures nationwide in order to “review” its foreclosure practices. As WaPo reports, “We’ll go back and check our work one more time,” CEO Brian Moynihan told the National Press Club in Washington. Things are spinning up faster and faster. And there’s a new wrinkle—one I neglected to...
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Posted in Crash Course | 625 Comments »

Mortgage Fraud Collection Fraud

October 1, 2010
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Mortgage Fraud Collection Fraud

I think this will just delay the floor, and lower it, as lawsuits cloud titles on hundreds of thousands of empty houses.
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Posted in Crash Course | 460 Comments »

Foreclosures Up, Unemployment Down?

May 20, 2010
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Foreclosures Up, Unemployment Down?

The Sun’s real estate reporter, Jamie Smith Hopkins, writes today that a record 4 percent of Maryland homeowners are in foreclosure. The number of delinquencies is much higher: All told, almost 14 percent of Maryland borrowers are behind, including those in the foreclosure process and those just a month late on payments. As Calculated...
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Posted in Crash Course | 1 Comment »

Fraud at the Bottom

May 14, 2010
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Fraud at the Bottom

Go with the fraud and make big bux or fight & get fired, earning the right to battle for your job back in court for five or six years, with a less-than-10-percent shot at winning.
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Posted in Crash Course | 208 Comments »

FHA Default Rates Near 10 Percent

February 2, 2010
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The Washington Post seems to be catching on to a story Crash Course warned about last fall: that FHA is not in good shape, and may need a taxpayer bailout. As with most WaPo stories, the problem is depicted in the past tense: FHA Commissioner David H. Stevens, who joined the agency in July,...
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Judge Dismisses City’s Suit Against Wells Fargo

January 7, 2010
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A federal judge dismissed Baltimore City’s lawsuit against Wells Fargo yesterday, saying it was implausible that the mortgage lender’s business practices had done as much damage as the city claimed. “In the present case, the city’s allegations . . . of a causal connection between Wells Fargo’s alleged misconduct and the damages the city...
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FHA: Another Shoe Dropping

October 9, 2009
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The Federal Housing Administration’s boss is saying he’ll need no bailout, “absent any catastrophic home-price decline.” The New York Times is flashing red on this one, and it’s an entertaining read. U.S. Rep. Barney Frank (D-Mass.): A 7-plus percent FHA foreclosure rate is no bad thing: “I don’t think it’s a bad thing that...
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Posted in Crash Course | 484 Comments »