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Tag Archives: Fraud

Final California Homeowners’ Rights Bills Signed into Law

California attorney general Kamala Harris announced Tuesday that the final parts of the California Homeowner Bill of Rights were signed into law by Governor Jerry Brown. The governor signed three bills: SB 1474, AB 1950, and AB 2610. The governor previously signed into law three other components of the Homeowner Bill of Rights. All aspects of the California Homeowner Bill of Rights will take effect at the start of 2013.

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Report: Mortgage Litigation Eases in Q1, Expected to Level Off

While this year's $25 billion mortgage settlement may have eased mortgage litigation in the first quarter, legal activity still remains relatively high, according to a report from Mortgage Daily. The site tracked 216 mortgage-related lawsuits that saw activity during the first quarter of 2012, a slight easing from activity in fourth-quarter 2011, during which 244 cases were tracked. The decline in activity was attributed mostly to changing standards brought on in response to the national mortgage settlement.

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Eleven Indicted in California Mortgage Mod Scam

Federal agents arrested 10 defendants who worked at a Rancho Cucamonga, California-based business accused of offering false loan modification programs to homeowners, SIGTARP announced Wednesday. Those taken into custody are among 11 defendants named in a federal indictment over a mortgage fraud scheme that allegedly cost distressed homeowners more than $7 million.

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Nonprofit Counselors: Missing Link Between Borrower and Servicer?

Delinquent borrowers oftentimes make themselves as elusive and unavailable as possible when it comes to communicating with their servicers. During a panel at the Five Star Conference, industry experts discussed the reasons behind the difficulty in reaching borrowers. Colleen Hernandez, CEO and president of the Homeownership Preservation Foundation, explained three main reasons why borrowers won't respond or reach out to their servicer.

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Mortgage Fraud Increases as Applicants Mislead Lenders: Experian

While fraud in the financial services sector declined year-over-year from April through June, mortgage fraud increased, according to the latest report from Experian, a global information services company based in London. Thirty-nine out of every 10,000 mortgage applications were fraudulent during the April to June period, up from 32 out of 10,000 in the same period last year, according to Experian. Twenty-four percent of all attempted mortgage fraud cases were the result of individuals misrepresenting their credit by hiding certain information.

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Final Homeowners’ Rights Bills Pass in California Legislature

California attorney general Kamala Harris announced Thursday that the final parts of the California Homeowner Bill of Rights have passed out of both houses and are awaiting action from the governor. Harris said the entirety of the Homeowner Bill of Rights stems from need to help homeowners and implement the sorts of reform that were outlined in the national mortgage settlement. Once signed into law, all aspects of the legislative package will take effect at the start of 2013.

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