The Bankruptcy Court in Phoenix has been very busy the last couple months trying to come to a conclusion on the Mortgages Limited Securities case. Some parties ended up with smiles of relief, while the majority of investors are taking a major loss. A quick history lesson and recap of the current situation:
MLS (short for [...]
Long before the mortgage crisis began rocking Main Street and Wall Street, a top FBI official made a chilling, if little-noticed, prediction: The booming mortgage business, fueled by low interest rates and soaring home values, was starting to attract shady operators and billions in losses were possible.
“It has the potential to be an epidemic,” Chris [...]
Investors in real-estate financier Mortgages Ltd. could start receiving their monthly dividend checks again as early as late September or early October, executives and attorneys for the company said Monday.
That was one of the pieces of news investors received at a meeting of Mortgages Ltd.’s creditors at the Sandra Day O’Connor Courthouse in downtown Phoenix.
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A bankrupt Arizona mortgage lender paid $856,000 in bonuses, marketing fees and “non competition” fees to mortgage brokers, builders and real estate brokerages that referred nearly $1 billion in business to the company, according to two audit reports by the Department of Housing and Urban Development.
HUD said the lender, First Magnus Financial Corp., violated anti-kickback [...]
West Virginia sued Countrywide Financial Corp accusing the mortgage lender, now owned by Bank of America, of making risky and costly loans to consumers who could not afford them.
Darrell McGraw, the state’s attorney general, filed the lawsuit against Countrywide and its co-founder and former chief executive, Angelo Mozilo, on Tuesday with the Putnam County Circuit [...]
Connecticut Attorney General Richard Blumenthal has sued Bank of America Corp.’s Countrywide Financial Corp. for allegedly deceptive lending practices.
Echoing the many other legal complaints against the mortgage lender, the Connecticut lawsuit alleges Countrywide engaged in several types of inappropriate lending behavior and made loans to consumers that were unaffordable or unsuitable for the borrower. The [...]
Federal and state regulators have opened investigations into the dealings of Mortgages Ltd., Arizona’s biggest private commercial real-estate lender, and the firm called Radical Bunny that lent it almost $200 million.
The U.S. Securities and Exchange Commission and the Securities Division of the Arizona Corporation Commission traditionally do not confirm or deny investigations. The Arizona Republic [...]
Gov. David A. Paterson yesterday signed legislation that requires lenders to give subprime loan borrowers a 90-day notice before starting foreclosure proceedings.
Subprime loan homeowners will now have time to meet with lenders and receive other information on dealing with their debt. Subprime loans are generally held by borrowers with shaky credit, and carry higher interest [...]
U.S. mortgage market giant Freddie Mac’s chief executive dismissed internal warnings that could have protected the company from some of the financial problems now engulfing it, the New York Times said, citing more than two dozen current and former high-ranking executives and others.
In 2004, Chief Executive Richard Syron received a memo from Freddie Mac’s [...]
SYDNEYSIDERS are caught in a bind as rising interest rates push more people into mortgage stress at the same time as the rental squeeze makes it impossible for people in some suburbs to find rental accommodation. Young families are particularly exposed.
A million households, or 15 per cent of all home-loan borrowers, could be in mortgage [...]