President Barack Obama announced details of a proposed fee on about 50 of the largest financial institutions. The plan is to generate roughly $9 billion each year during the next 10 years or so by imposing a 0.15% fee on the firms’ liabilities, not including insured deposits.
Posts Tagged ‘Mortgages’
Administration Pushes For Mortgage Relief
November 30th, 2009 
Before You Invest The Obama administration today announced a renewed push to get lenders to convert hundreds of thousands of temporarily restructured mortgages into permanent ones to help keep struggling homeowners from falling into foreclosure.
The changes include a requirement for mortgage lenders and servicers to provide updates to the administration, sometimes daily, about each mortgage being modified, and possible fines and other sanctions for those who do not meet certain performance obligations.
The moves come amid complaints of bureaucratic nightmares from people who have received the short-term reductions in their payments but have been unable to get their lender or servicer to make the changes permanent.
Understanding Offset Mortgages
July 31st, 2009 Before You Invest If you have taken the time to look into the different mortgage loans and mortgage rates that are available outside of the U.S., you will notice that there are just as many financing options overseas as there are here. Available primarily in the United Kingdom housing market, offset mortgages are becoming increasingly popular in the discussions of real estate.
Posted in Finance Fraud 
Tags: American Investors, Borrowers, Buying A Home, Current Account Mortgage, Financing Options, Flexibility, Housing Market, Lenders, Loan Periods, Money, Mortgage Loans, Mortgage Rates, Mortgages, Real Estate, Retirement Age, Time Limit, United Kingdom, What This Means 
No Comments »Fed proposes sweeping rules for consumer protection
July 25th, 2009 Before You Invest As the Federal Reserve defends its role as a consumer-protection agency, officials at the central bank proposed overhauling disclosures made on mortgages and home-equity loans to consumers. “I think the general thrust of this is to make more intelligent shoppers of households, have them make better decisions,” said Fed Vice Chairman Donald Kohn. The proposals include a ban on side payments made to mortgage brokers for getting consumers into pricier loans.
more at
Julian Tzolov apprehended by Department of Justice
July 15th, 2009 Before You Invest 
(Bloomberg) — Julian Tzolov, the fugitive former Credit Suisse Group AG broker who was charged with bail jumping, has been arrested, Assistant Brooklyn U.S. Attorney Daniel Spector said in a letter to court filed today. Authorities in Marbella, Spain have taken Tzolov into custody following an international manhunt after he disappeared in New York in May.
Tzolov, who’s accused of fraudulently selling clients subprime mortgages linked to auction-rate securities, was declared a fugitive in June.
Posted in Finance Fraud Tags: Apartment, Authorities, Bloomberg, Brooklyn, Bulgaria, Count Indictment, Credit Suisse, Credit Suisse Group, Daniel Spector, Department Of Justice, Electronic Monitoring, Eric Butler, Group Ag, Illegal Scheme, Julian, Kennedy Airport, Manhunt, Marbella Spain, Mortgages, Prosecutors, Wire Fraud No Comments »UK : Shocking increase in fraud levels
April 18th, 2009 Before You Invest The Liberal Democrat’s treasury spokesman Vince Cable has claimed that the recent increase in fraud “is truly shocking”.
Speaking to the Times, the British politician said that there are a growing number of mortgage fraud cases being unveiled amid the economic downturn and warned regulators to be on their guard for people turning to financial crime as a result of the recession.
His comments were made following new research from the Times, which found that the UK’s Financial Services Authority (FSA) had banned over 50 per cent more finance firms from practicing over the last year.
A total of 107 firms were prohibited from operating, 33 per cent of which were in the mortgages sector.
Mortgage brokers Peter and James Dean of Dorset became the latest firm to be banned by the FSA over regulatory failures last week.
Mr Cable claimed “it is essential that the authorities remain vigilant” to the potential fraud threat.
Posted in Finance Fraud Tags: Authorities, British Politician, Dean, Dorset, Economic Downturn, Finance Firms, Financial Crime, Financial Services Authority, Fraud Cases, Fsa, James Dean, Liberal Democrat, Mortgage Brokers, Mortgage Fraud, Mortgages, Recession, Regulators, Treasury Spokesman, Vince Cable No Comments »Ex Credit Suisse Brokers Face New Subprime Related Charges
April 2nd, 2009 Before You Invest Two former Credit Suisse Group AG brokers accused of fraudulently selling clients subprime mortgages linked to auction-rate securities pleaded not guilty to a dozen new fraud charges.
Julian Tzolov and Eric Butler were first indicted last year on securities fraud and conspiracy charges in U.S. District Court in Brooklyn, New York.
Posted in Finance Fraud Tags: Bank Deposits, Brooklyn, Brooklyn New York, Cdos, Collateralized Debt Obligations, Conspiracy Charges, Credit Suisse, Credit Suisse Group, Eric Butler, Fraud Charges, Group Ag, Indictment, Investments, Julian, Money Market Funds, Mortgage, Mortgages, Securities Fraud, Student Loans, Wire Fraud No Comments »Fed plans to flood financial system with $1.2 trillion
March 20th, 2009 Before You Invest As part of its efforts to stabilize the economy, the Federal Reserve said it will purchase mortgage-related securities and government bonds. Effectively, the Fed will print more money to pay for the program, which is designed to reduce borrowing costs for loans, including mortgages, and spur the economy. The $1.2 trillion the central bank plans to pour into the system dwarfs previous efforts and indicates an acknowledgment that the economy has worsened.
more at
Posted in Finance Fraud Tags: Acknowledgment, Dwarfs, Economy, Federal Reserve, Flood, Government Bonds, Loans, Mortgages, Print Money, Topnews, Trillion No Comments »Mounting rescue terms make banks keen to return money
March 13th, 2009 Before You Invest Lawmakers and the Obama administration are putting more strings on the taxpayer money that went to financial institutions. The banks have been told to modify mortgages, to allow shareholders a say on executive compensation and to cut dividends, among other requirements. Bankers, including those at Goldman Sachs, Wells Fargo and Iberia Bank of Lafayette, La., say the mounting conditions are making them strive to repay the rescue funds as soon as possible.
more at
Posted in Finance Fraud Tags: Amp, Banks, Business Economy, Dividends, Executive Compensation, Financial Institutions, Goldman Sachs, Iberia Bank, Keen, Lawmakers, Mortgages, Rescue Funds, Shareholders, Taxpayer Money, Wells Fargo Comments OffEvelyn Rivera had pleaded guilty to participating in a scheme to net $18.5 million from fraudulent mortgages
February 11th, 2009 Before You Invest Federal prosecutors say Evelyn Rivera, a licensed title agent and owner of Asset Title LLC, received her sentence on Friday. Rivera had previously pleaded guilty to participating in a scheme to net $18.5 million from fraudulent mortgages on 55 Fort Lauderdale condominium units. Authorities discovered the fraud after about $690,000 in fraudulent mortgage loans had been issued on two units.Mike Acosta, a licensed property appraiser, and William Louisma, a recruiter of straw buyers, were also convicted for their roles in the scheme. Acosta was sentenced to 41 months in prison, and Louisma was sentenced to 46 months.
Posted in Finance Fraud Tags: 5 Million, Authorities, Condominium Units, Evelyn, Federal Prosecutors, Fort Lauderdale, Fraud, Licensed Property, Mortgage Loans, Mortgages, Property Appraiser, Recruiter Comments Off
