Wells Fargo Made Up On-demand Foreclosure Papers Plan: Court Filing Charges

FBI Ranked Mortgage Fraud As Lowest Criminal Threat After Crisis: Justice Department





To legally transfer a securitized loan, the endorsements and allonges have to be created in a very specific way and within a specific time frame, usually 90 days after a residential mortgage trust closes. For many loans in foreclosure now, which were originated years ago and then sold, its way too late to correct incomplete documents, experts said. If the allegations in Tirellis court filing are true, this manual represents the first time ta-da endorsements are being described and admitted to be a procedure at a major bank, as Tirelli claimed to The Post. For the original version including any supplementary images or video, visit http://nypost.com/2014/03/12/wells-fargo-made-up-on-demand-foreclosure-papers-plan-court-filing-charges/











The inspector general also said he found "significant deficiencies" in the Department of Justice's ability to accurately report its mortgage fraud efforts. The agency mistakenly inflated its results in mortgage fraud prosecutions at an October 2012 press conference by some 90 percent, Horowitz said. While the Justice Department said at the press conference it had prosecuted crimes targeting homeowners that had resulted in more than $1 billion in losses, it was not until 10 months later that it updated the information to reflect the accurate number of losses - only $91 million, Horowitz said. For the original version including any supplementary images or video, visit http://www.huffingtonpost.com/2014/03/13/fbi-mortgage-fraud-financial-crisis_n_4957899.html












Mortgage rates expected to steadily increase says BCREA





In reality, only 107 individuals had been charged, and the estimated losses in the cases totaled $95 million a about 91 percent less than Holder said at the press conference. Even so, the Inspector Generalas report said the erroneous figures were cited by the Justice Department for another 10 months. A press release on the DOJ website was eventuallyA topped with a correction. In a statement today, Sen. For the original version including any supplementary images or video, visit http://www.mainjustice.com/2014/03/13/mortgage-fraud-a-low-priority-despite-public-statements-ig-says/





Mortgage Fraud Efforts Fell Short, Justice Department Inspector General Concludes





According to a new report by BMO, longer-term fixed mortgage rates may soon be a better deal than variable rates for home buyers. The report notes that variable rates have been more "cost-effective" historically, signs of an improving economy may cause interest rates to rise by 2015. That means now is a good time for new home buyers, says Chief Economist Cameron Muir with the BC Real Estate Association. "When we look at mortgage rates going forward, while we do expect them to edge higher we don't expect them to go up dramatically in a short period of time," says Muir. Currently, a five-year fixed mortgage rate from one of the big Canadian banks hovers above three per cent, with variable rates ranging below that. For the original version including any supplementary images or video, visit http://hqprincegeorge.com/news/sports/news/v/Local/364448/Mortgage-rates-expected-to-steadily-increase-says-BCREA