Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Anthony@Pacific & TRUTHSEEKER Expose Crims & Scammers!!! -- Ignore unavailable to you. Want to Upgrade?

To: tedwardst who wrote (4842)	11/10/2007 9:44:01 PM
From: tedwardst	Read Replies (1) \| Respond to of 5673

6 Charged For Defrauding HUD And Private Lenders Richard Elroy Giddens, 67, Riverside, John Richard Varner, 54, Hesperia, Stephen Ray Harper, 50, Ontario, and Katherine Ann Kilmer, 52, Hesperia, all of California, and all former officers with the now-defunct Inland Empire mortgage lender, were arrested by Federal Agents on charges of defrauding the United States Department of Housing and Urban Development and private lenders by fraudulently obtaining federally insured loans and selling those notes to private lenders. Two more defendants charged in the case – Ricardo Bonilla, 46, Fontana, California, and Abraham Julian Rezex, 59, Downey, California – are … Read More... Washington Mutual Responds Washington Mutual, Inc. (NYSE:WM), in response to the press releases issued recently by the New York Attorney General’s Office regarding its probe of industry-wide mortgage appraisal practices, the company issued the following comments: The integrity of WaMu’s appraisal process is very important and the company works hard to ensure that it operates properly. The company takes any allegations of improper practices seriously, and is continuing its investigation into this matter. The Company will continue to pursue its policy of ensuring that its operations comply with all applicable laws. In addition, the company will … Read More... mortgagefraudblog.com

To: tedwardst who wrote (4842)	11/12/2007 10:40:10 AM
From: ravenseye	Respond to of 5673

The injustice of "doing something" about subprime By Alex Epstein web posted November 12, 2007 As we witness large numbers of defaults on subprime loans -- loans extended to those with no credit or bad credit -- many are calling for the government to do something to stop the suffering. At the same time, many recognize that a bailout of struggling homeowners would be wrong. Thus, we see a growing list of proposed solutions that purport to save the day without a bailout: "borrower assistance" programs to refinance defaulting mortgages, crackdowns on "predatory lending" practices, or laws restricting mortgages the government deems too risky. In fact, regardless of how these proposals are described, all embody the essence of a bailout: they absolve individuals of responsibility for their bad decisions -- and force those who did nothing wrong to pay the price.... enterstageright.com

To: tedwardst who wrote (4842)	11/12/2007 11:48:15 AM
From: ravenseye	Read Replies (1) \| Respond to of 5673

Brokers slam AG Fear industry crackdown will cost thousands of jobs By Jay Fitzgerald Wednesday, November 7, 2007 Mortgage brokers are in an uproar over Attorney General Martha Coakley’s proposed regulations for the industry, saying her plans would gut how they’re paid and potentially lead to thousands of job losses.... bostonherald.com ...The group, which represents both mortgage brokers and lenders, is threatening legal action to block Coakley’s new rules, which are set to take effect Nov. 15.... ...The industry fears center on how mortgage brokers - who act as sales conduits for major out-of-state lending companies and banks - are compensated for arranging mortgage loans. The current widespread practice is for brokers to get reimbursements through so-called “yield spread premiums,” which basically tack on higher interest rates to mortgages. But Cuff said the alternative is to require that borrowers make upfront point payments, which some customers can’t afford. Coakley’s regulations wouldn’t specifically ban “yield spread premiums,” Cuff acknowledged. But he said Coakley’s office has briefed industry officials and told them that the intention is to crack down on “yield spread premiums,” which Coakley confirmed yesterday is her intention. Coakley, who’s attempting to crack down on mortgage-loan abuses that were rampant before the recent collapse of the subprime-loan market, yesterday shot back that brokers and others never brought up the compensation issue during recent hearings on her regulations. She asserted she won’t back down from her proposals. Coakley said some of the most “egregious behavior” before the subprime-market meltdown was associated with how brokers and others were compensated.