FBI to warn borrowers, lenders on mortgage fraud
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The Federal Bureau of Investigation, seeking to stem a rising tide of crime in home financing, said on Thursday it will warn borrowers and lenders that mortgage fraud can result in stiff fines and prison time.
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Complaints about potential mortgage fraud are up during the subprime mortgage crisis, and the FBI has opened criminal investigations of 14 companies related to sub-prime mortgage loans, the agency said Tuesday.
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Identity thieves may have obtained information on thousands of Wells Fargo mortgage and student loan customers.
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U.S. banking regulators on Tuesday urged mortgage servicers to be proactive and contact borrowers at risk of default to help them avoid foreclosure and keep their homes.
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The FBI on Tuesday said it is investigating 14 companies for possible accounting fraud, insider trading or other violations in connection with risky home loans
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The Justice Department is investigating possible accounting fraud at Fannie Mae, the mortgage finance company, a source close to the matter said on Thursday.
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The FBI&#39;s Salt Lake City office said Friday that Utah&#39;s high rate of mortgage fraud has become the focus of its campaign to combat a host of white-collar crimes committed against financial institutions.
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The Federal Reserve said on Tuesday a public hearing on potential new rules to curb abusive home mortgage lending practices would cover prepayment penalties, low documentation loans and consideration of borrowers' repayment abilities.
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Reports of suspected mortgage fraud have doubled since 2005, and government agencies say they cannot keep up.
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Fraud is running rampant in the nation's mortgage industry, with nearly three times as many reports of suspicious activity so far this year compared with 2001, a top FBI official said Friday.
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The Feds are targeting 14 companies for possible subprime shenanigans. Who might they be?
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Banking regulators on Tuesday urged servicers of securitized mortgages to proactively contact borrowers at risk of default to help them avoid foreclosure and keep their homes.
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The FBI's investigation of 14 corporations in a crackdown on improper subprime lending could expand to other companies, but the complex probes may take some time before any charges are brought, a federal law enforcement official said on Wednesday.
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THE REGION The Massachusetts Senate is expected today to pass legislation aimed at preventing foreclosures and mortgage fraud. The bill encompasses several proposals made earlier by legislators and Governor Deval L. Patrick including: Making mortgage fraud a felony; establishing procedures to avoid deceptive mortgage loan advertising; adding requirements for lenders and borrowers, including in-person counseling; licensing mortgage originators; creating a ...
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People taking out home mortgages may gain new protections soon against shady lending practices as the Federal Reserve seeks to back even the riskiest borrowers, already hit hardest by the housing and credit crunches.
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The FBI is looking for suspects in a scam that uses bomb threats to extort money from banks and stores, officials told CNN. For the past week, banks and stores in 12 states have been hit by the scam, in which a caller claims there is a bomb that can be detonated if workers don't wire money to a specific account.
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The Fed unveils guidance for lenders that asks them to work with borrowers to avoid defaults.