Home Loans Mortgage: HUD Audits Accuse Major Lenders of False Claims Fraud

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May 19, 2011 8:48AM

HUD Audits Accuse Major Lenders of False Claims Fraud

The Huffington Post reported late yesterday that five of the country's largest mortgage lenders may have defrauded taxpayers by filing false claims with the Federal Housing Administration (FHA). Confidential audits conducted on Bank of America, JP Morgan Chase, Wells Fargo, Citigroup, and Ally Financial (formerly GMAC) provided information which has now been referred to the Department of Justice for a decision on filing charges. The author of the article, Shahien Nasiripour, said the Inspector General...

May 19, 2011 11:22AM

Realtors Request Looser Credit Regs as Home Sales Decline

The National Association of Realtors today released Existing Home Sales data for April 2011 Existing Home Sales report on the number of completed real estate sales transactions on single-family homes, townhomes, condominiums and co-ops. The methodology in calculating existing-home sales statistics is really quite simple. Each month the National Association of Realtor® receives data on existing-home sales from local associations/boards and multiple listing services (MLS) nationwide. The monthly...

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Today's Comments

	"I agree that this is definitely an improvement. I don't want to make things more complicated, but how about making it possible to indicate which fees..."
	"As an originator, this form certainly is more simplistic than the current, but I don't see how it better educates the consumer. One of the biggest..."
	"I have always thought that on a purchase, the settlement services should be shown completely seperate from the loan charges. How many times does the loan..."

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Today's Q&A

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Today's Forum Discussions

	"If you had the choice.... Rent or Own. If you could do either, which would you prefer? OWN (65.6%) RENT (34.4%) You voted for 'OWN'. Total Votes: 96 Voting..."
	"Hello, I was wondering if someone could help me. I have questions about the Adjustable Rate Rider and the Rider to the Note. My question is this--- If..."
	"We are in the final stages of what I thought would be a very simple mortgage refinance. We used the same lender who has had the loan for several years..."