Mortgage and Financial News From 2007-10-18 Page 3

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• Weapons of mass financial destruction: The credit shock

  Daily Times - The fraud, as defined by cratering secondary markets for mortgage backed securities, is exactly as Warren Buffett predicted of financial derivatives: they are proving to be “weapons of mass financial destruction.” The bribery appears to be in ...
  2007-10-18 04:02:00

• Eagle Mountain mayoral candidate charged with mortgage fraud

  Salt Lake Tribune - Posted: 7:48 AM- EAGLE MOUNTAIN - Richard Culbertson, a candidate for mayor in this Utah County city, has lost his real estate license as part of a mortgage fraud investigation. But the Daily Herald reports that during a candidate debate Wednesday ...
  2007-10-18 07:41:00

• Honolulu among lowest in mortgage defaults

  KPUA.net - Analysts say Hawaii has escaped the high foreclosure and mortgage fraud rates of some other regions. High unemployment and a generally strong island economy have served to bolster the housing market. Median home sales on Oahu and other islands ...
  2007-10-18 03:41:00

• The Mortage Bust and Online Ads

  BusinessWeek - In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, “option ARM” mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. Hot Property was a ...
  2007-10-18 01:03:00

• Agent pleads guilty to fraud

  News.com.au - A COFFS Harbour mortgage agent accused of defrauding investors of $13.5 million yesterday pleaded guilty to seven charges involving $5.8 million as part of a plea deal with the DPP and the ASIC. Dominic Cincotta, 54, appeared in the District Court on ...
  2007-10-18 05:50:00

• Bogalusa Woman Pleads Guilty To Katrina Fraud (WDSU New Orleans)

  A Bogalusa woman pleads guilty to mail fraud in a scheme to bilk the American Red Cross of more than $23,600.
  2007-10-18 08:30:31

• Couple Indicted On Mail Fraud Charges (KFOX 14 El Paso)

  EL PASO, Texas -- An El Paso man and his wife accused of pretending to be dentists were indicted on mail fraud and tax charges Thursday. A hearing was held Thursday for Raul Hector Villalobos and his wife, Elizabeth.
  2007-10-18 07:40:51

• Eagle Mountain mayoral candidate charged with mortgage fraud (The Salt Lake Tribune)

  Posted: 7:48 AM- EAGLE MOUNTAIN - Richard Culbertson, a candidate for mayor in this Utah County city, has lost his real estate license as part of a mortgage fraud investigation.
  2007-10-18 07:04:04

• Paulson: Housing Crisis is 'Significant Risk' to Economy, Aggressive ...

  FOX News - WASHINGTON — Treasury Secretary Henry Paulson said Tuesday the unfolding housing crisis posed a significant risk to the economy and called for Congress and private mortgage companies to move more quickly to help. But Democrats in Congress said it ...
  2007-10-15 05:53:00

• National Foreclosure Hotline Reaches Record High Call Volume

  Forbes - The Foundation partners with city, county and state governments; federal government agencies; community-based nonprofit organizations; and mortgage companies to offer creative solutions to preserve homeownership. HPF's cornerstone service is the ...
  2007-10-18 11:09:00

• Bank of America's earnings fall 32%

  CNN Money - Latest Rates Active Companies Stock Price Increases Stock Price Decreases Earnings: Reports & Estimates Hot Stocks Stock Spotlight ... Fortune 500 ) reported big declines in profits, hurt by their exposure to the subprime mortgage market, tighter credit ...
  2007-10-18 01:32:00

• Mortgage snub rate leaps 60%

  Financial Times - The number of borrowers rejected by mortgage lenders has leapt in the past six months as it has become more difficult for financially insecure house buyers to borrow. More than 738,000 applicants have been turned down by mortgage companies, a rise of ...
  2007-10-15 05:53:00

• Xceed Mortgage arranges $300-million securitization facility

  Canada East - TORONTO - Xceed Mortgage Corp. (TSX:XMC), one of the companies that got caught up in the asset-backed commercial paper credit crunch in August, said Thursday it has a new source of funding for its non-traditional residential mortgages. The Toronto ...
  2007-10-18 04:31:00

• Former Hebron man accused of theft

  Newark Advocate - NEWARK — A former Hebron man accused of defrauding banks and mortgage companies is being investigated for allegedly failing to pay for repairs for his company’s trucks. George M. Riley, 44, now of Tampa Springs, Fla., has been accused of ...
  2007-10-18 12:56:00

• Sovereign Bancorp shares hit new low as 3Q profit dips 68 percent

  Philadelphia Inquirer - Sovereign also absorbed $19.4 million in losses after several mortgage companies that borrowed money filed bankruptcy or defaulted on payments. Gerard Cassidy, an analyst at RBC Capital Markets, cut his earnings estimate on Sovereign this year to $1 ...
  2007-10-18 01:03:00

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