by Brian Mahany The headline from CNBC that a new round of foreclosures is coming comes without surprise. Thankfully, fewer borrowers are falling behind but there are still millions of Americans who are hopelessly behind on their loans. We say “hopelessly” because the lending community has miserably failed to assist homeowners who may have needed […]
Predatory Lending – Refinancing & Personal Guarantees
by Brian Mahany After the mortgage meltdown in late 2007 and 2008, many small community banks suddenly found their commercial loan portfolio was undercollateralized. The better banks gave borrowers plenty of notice that they would be requiring additional collateral – often in the form of personal guarantees and mortgages on the borrower’s residence. Some small […]
Predatory Lending – Refinancing: Have You Been Defrauded by Element Funding?
by Brian Mahany Predatory lending is defined as unfair, deceptive or fraudulent practices during the loan origination process. We have expanded that view to also encompass loan modifications and refinances. Most of our posts are geared to helping people navigate tough tax, fraud and mortgage foreclosure problems. Occasionally, however, we announce companies we are investigating […]
D-Day and the Battle Against the Mortgage Industry
by Joe Bird, Esq. My father served in WWII. He landed on the beaches of Normandy, D-Day plus 12. He was a member of the demolition and engineering section of his Division. A corporal who volunteered when he was rejected by the Air Force for a special officer’s training program because of his poor vision. […]
Breaking News: Lloyds Bails on Allied Home Mortgage
by Brian Mahany By now, most of our readers and many in the mortgage industry know that we have the largest federal false claims action in the U.S., HUD’s $2.4 billion case against Allied Home Mortgage and CEO Jim Hodge. We have proudly represented former Allied employees who didn’t get paid and the American taxpayers […]
Court Refuses To Dismiss Government's Fraud Case Against UBS
by Brian Mahany Most of our readers know that we sue banks and mortgage lenders on behalf of homeowners victimized by predatory foreclosure practices. Lately, we have been gathering information against Wells Fargo, Bank of America, Bank of New York and others after hearing horror stories of robo-signing, forged documents and even foreclosing against a […]
2 Whistleblowers Reap Millions in Mortgage Fraud Suit
by Brian Mahany Whistleblowers are the new American heroes. Most fraudsters get caught because someone gets fed up and turns them in. Some people are motivated by the large cash awards paid by the government, others want revenge (jilted lovers and workers who were poorly treated are always good sources of tips) and some simply […]
Now that they know they bought $849 billion in fraudulent securities, what is the Fed going to do about it?
[ Ed. Note: The following is reposted in its entirety. It was written by entrepreneur / MBA / attorney Charles Seavey. I reprinted this from a discussion group in LinkedIn. In the article, Charles talks about the hundreds of billions in bad mortgage debt held by the the Federal Reserve. He advocates going after those […]
Allied Home Mortgage TERMINATED From HUD Program
[Ed. Note: When we first posted this article, the Justice Department’s investigation into Allied Home Mortgage and its owner, Jim Hodge, was well under way. A federal court in Houston would later sanction Allied Home Mortgage for over $300 million. That case was a whistleblower case and we are proud to have filed it. Because […]