Mortgage Loans News

Gavel and law books
Dec, 17, 2012
A New Jersey man was indicted Thursday for his alleged role in a foreclosure rescue scheme that was a part of a multi-million dollar mortgage loan fraud plan, according to U.S. Attorney Paul J. Fishman in a release. 58-year-old Vito C. Grippo, the president of Morgan Financial Equity Shares and Vanick Holdings LLC, was indicted on one count of conspiracy to attempt wire fraud and three counts of filing false tax returns. But Vito Grippo was not alone.
Man in handcuffs
Dec, 14, 2012
In Portland, Ore., four men were found guilty by a federal jury of mortgage loan fraud and growing marijuana. The jury trial lasted only five days and was held in the Federal District Court in Portland. According to a press release from the US Attorney’s Office in the District of Oregon, four individuals named Tu Ngoc Tran, Minhthy Ngoc Tran, Huy Anh Nguyen and Kiet Anh Nguyen faced charges of conspiracy to manufacture or distribute marijuana. They also were charged with conspiracy to commit wire fraud.
Prospective homebuyers
Dec, 13, 2012
Home loan interest rates eased slightly but remained near record lows according to Freddie Mac’s recent survey results. Freddie Mac, a provider of stability and liquidity for the United States’ residential mortgage markets, conducts surveys weekly to assess four types of home loan interest rates. The 30-year fixed-rate mortgage (FRM) averaged 3.32 percent with an average 0.7 point for the week ending Dec. 13, 2012. The rate is down from last week when it averaged 3.34 percent. A year ago, the 30-year FRM averaged 3.94 percent.
Home interest rate
Dec, 6, 2012
Mortgage interest rates showed little change and remained near record lows according to Freddie Mac’s recent survey results. Freddie Mac, a provider of stability and liquidity for the United States’ residential mortgage markets, conducts surveys weekly to assess four types of mortgage interest rates. The 30-year fixed-rate mortgage (FRM) averaged 3.34 percent with an average 0.7 point for the week ending Dec. 6, 2012. The rate is up from last week when it averaged 3.32 percent. At this time last year, the 30-year FRM averaged 3.99 percent.
Shopping carts retail store
Dec, 3, 2012
One in three U.S. consumers would consider a mortgage loan from Wal-Mart, according to a new study released today. The consumer mortgage study by Carlisle & Gallagher Consulting Group also found that nearly half of respondents would consider a mortgage from PayPal. North Carolina-based Carlisle & Gallagher (CG) provides consulting services for some of the largest U.S. mortgage loan originators. The online study results were based on 618 consumer responses in September and asked about views on homeownership, changes in the mortgage industry, applications processes and alternative mortgage providers.
Person drawing statistic increase
Nov, 29, 2012
Mortgage loan interest rates increased slightly this week according to Freddie Mac’s recent survey results. While most of the interest rates rose or leveled out, the increases were minimal and remained near the record lows set last week. The 30-year fixed-rate mortgage (FRM) averaged 3.32 percent with an average 0.8 point for the week ending on Nov. 29, 2012, up from last week’s record low average of 3.31 percent. At this time last year, the 30-year FRM averaged 4.00 percent.
gavel on cash money
Nov, 26, 2012
The SEC has filed a lawsuit against home loan lenders J.P. Morgan and Credit Suisse for misleading investors in purchasing residential mortgage-backed securities (RMBS). Both lenders have agreed to settle for a combined total of $400 million. The SEC will use this settlement to repay investors that were misled by the two lenders. Federal regulations require that delinquency information must be disclosed to buyers who purchase asset-backed securities. Investors need information regarding delinquency since a return on investment can only be made on financing which is accruing interest and being repaid.
Person lurking
Nov, 21, 2012
A threat is lurking for the FHA. For the first time in 78 years, it could face a taxpayer bailout. The results of an independent annual audit project that the Federal Housing Administration's (FHA) reserves are $16.3 billion less than the agency’s financial obligations for the current year.
Home dropped on ground
Nov, 21, 2012
Fixed home loan interest rates set a new record low for the second consecutive week according to Freddie Mac survey results released today. The 30-year fixed-rate mortgage (FRM) averaged 3.31 percent with an average 0.7 point for the week ending on Nov. 21, 2012, down from last week’s record average of 3.34 percent. At this time last year, the fixed home loan interest rates averaged 3.98 percent. The 15-year fixed-rate mortgage averaged 2.63 percent with an average 0.7 point. The rate is down from last week’s average of 2.65 percent. A year ago at this time, the 15-year FRM averaged 3.30 percent.
Businessman with cash and handcuffs
Nov, 20, 2012
A former Virginian loan officer was sentenced to four years in prison for his role in fraudulent mortgage loan transactions. Pervaiz Arshad, 58, of Annandale, VA., ran a fraud scheme which involved nine homes in northern Virginia. He took upwards of $1.7 million, and attempted to obtain a fraudulent passport for a co-conspirator to flee Canada. In addition to his prison time, Arshad was sentenced to three years of supervised release, ordered to pay restitution to the victims, and forfeit all proceeds from his ventures.

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