WHY WE ARE PLANNING 2-3 DAY BOOT-CAMPS AND MANUALS FOR LAWYERS, BOOT-CAMPS FOR FORENSIC ANALYSTS, AND BOOT-CAMPS FOR LAYMEN. IT’S JUST NOT AS SIMPLE AS YOU MAY WANT IT TO BE.

NOT EVERYTHING ENDS WELL. THE BATTLE IS ON. THIS JUDGE SAID THE ASSIGNMENT DOESN’T NEED TO BE RECORDED TO PROVE OWNERSHIP. HE’S TECHNICALLY RIGHT, BUT HIS CONCLUSION WAS WRONG. THIS IS WHY I KEEP SAYING THERE IS NO SILVER BULLET. The fact that an assignment is not recorded does not mean that it can’t be recorded — unless it is not executed in recordable form. If it isn’t executed in recordable form and it isn’t recorded then it violates the terms of the pooling and service agreement and the prospectus/indentures for the mortgage backed bond sold investors.

If the purported document violates the enabling documents then the assignment has not been accepted. If the assignment has not been accepted then there is no assignment. At best there is a conditional assignment which is clearly in violation of the the express terms of the enabling documents. The existence of the condition creates an issue of fact as to who really has the right to own, enforce and collect on the obligation, note and mortgage.

If there was no consideration for the “transfer? then there isn’t even an equitable argument for why the pretender lender should be allowed to foreclose. They have nothing to lose by the alleged default and obviously don’t even know if there is a default in the OBLIGATION that was FUNDED with ADVANCED MONEY by INVESTORS.

But you see, this Judge was already predisposed to not giving the “borrower” a free house. He/She needs to be coddled and led along the path of education so he/she understands that the “borrower” is actually an investor who purchased a financial loan product subject to terms and duties which were breached by all the people in the securitization chain. The “lender” is the investor who advanced the money and is not in court.

The pretender lender is using bluff and fraud to get their share of the great American pie at the homeowner’s expense, depriving the homeowner of the knowledge of the identity of the true lender, the ability to settle out of court with the true lender, the ability to comply with federal law in seeking modification, short-sale, refinance or even payoff because the pretender lender in Court in Florida doesn’t even have the right, power, authority or justification to execute a satisfaction of mortgage.

If they don’t have the power to execute a satisfaction of mortgage then how could they have the power to foreclose?

The problem with this case is that the homeowners should be aggressive but not to try to convince the Judge why he/she should get a free house. You must align yourself with the Judge’s basic sense of fairness and basic mistrust of legal maneuvering to get out of a legally owed debt. By focusing your aggression on discovery, enforcement of the QWR and/or DVL, asking for the name of the true lender and the production of documents and names, addresses and phone numbers of people who can testify under oath, you present the Judge with something he cannot or should not refuse and that any appellate court would reverse him on. You are asking for discovery to test the merits of the pretender lender’s allegation or position that they have the right to enforce the note, that they are the party to whom the obligation is owed, that they are a creditor in the sense that they advanced money which they will lose if they don’t get to enforce the note and obligation, and that therefore they are the beneficiary of the terms of the the mortgage that secures the alleged debt.

If you go into court spouting securitization theories it is very easy to say you haven’t convinced the Judge. If you go in demanding an evidentiary hearing based upon the rules of evidence and founded on common discovery and enforcement in obtaining relevant information about your loan, and seeking an accounting from those people, entities or parties that were participants in the securitization chain, then you are only asking for a COMPLETE accounting so that you discover what undisclosed fees were paid under TILA and RESPA, and the true identities of the people involved in your table-funded loan.

I’m sorry for your result Mr Fitzgerald, but perhaps with the aid of competent, licensed, local counsel you can move for rehearing, file a bankruptcy that will stay the proceedings, and/or appeal.

Author : L.Fitzgerald
Comment:
” Happy Thanksgiving …give thanks to all the Blessings you have……he said,

and don’t complaint of the things you don’t have..”

“I’ll be eating turkey with my ” kids ” tomorrow “…he happily remarked .

With a smile on his face ..this Orlando 9 th Judicial Circuit

Court .. Judge…denied my motion to vacate judgment , and

allowed my house to be sold on Jan. 2010.

We became a ” potential homelessness couple.”… .the day

before Thanksgiving..

He was very kind to a Wall Street Bankster [ plaintiff ]..he gave away my only home ….

During this hearing ..one of my main arguments ..

was the Plaintiff’s lack of recorded Assignments ..and chain of

Title .. [ The Bankster is not my original lender..].

The smiling Judge made this comment ..that shocked us …

” Florida law does not require Assignments to be recorded…

…to prove the Plaintiff’s ownership…!!.

JPMorgan Chase had a motion denied by a U.S. District Court judge in California to dismiss a lawsuit that alleges the bank illegally reduced a couple’s home equity line of credit.

Chase argued that the plaintiffs, Jeffrey and Jenifer Schulken, are former customers of Washington Mutual and they should sue the Federal Deposit Insurance Corp. – which approved Chase’s acquisition of WaMu – not Chase. But the judge sided with the Schulkens.

According to the plaintiffs’ attorney Jay Edelson, “Chase’s unprecedented position was simple: Chase can harm former WaMu customers with impunity and anyone who suffers damage should sue the FDIC.”

Chase acquired the troubled WaMu with the approval of the FDIC in September 2008. The bank moved to reduce the plaintiffs’ HELOC in March 2009, claiming their income had declined. Plaintiffs claim their income hasn’t changed and sued Chase for violating the Truth in Lending Act.

If the judge certifies the class act lawsuit, the plaintiffs’ attorneys want the class to cover all Chase HELOC customers as well as former WaMu customers. A Chase spokeswoman said the bank does not comment on litigation.

Chicago-based Kamber-Edelson LLC also is pursuing class action litigation against two large institutions that are among Chase’s peers for suspending and reducing HELOCs. An FDIC spokesman did not have an immediate comment pending a review of the case by the FDIC’s legal team.

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And I don’t mean the board game.

Today, I’m featuring the loud-mouthed, annoying, oversexed, over make-uped Filipina self appointed visionary, stripper, “singer”, humanitarian, and “bisexual” goddess Tila “Tequila” Nguyen.

Today at 2 AM, Tila signed on to a live webcam show at ustream.tv (Here’s a link to Tila’s performance: http://www.ustream.tv/recorded/2591675) and referred to her “fans” as soldiers, eerily calling herself their mommy and commander, slurring, wide-eyed, and tweaking.

I’ve never liked the bitch and this is the final nail in the coffin. It seems like lately my blog is turning into spewing hate on awful wannabe celebrities. I didn’t intend for it to be that way but its turning out to be such because of how terrible some self appointed celebrities are.

Her disgusting hooker outfit and gravelly voiced screaming should be enough to make anyone cringe. Then she decides she wants to strip.

She banned 1000 users for speaking their mind and telling her that she’s an idiot. If you can’t fight em, block em, I guess. She’s obviously not one who has a way with words. She calls anyone who stands up to her a pussy, but she’s being one herself for blocking people so shamelessly for calling her out on her ridiculous behavior.

She thinks she’s a singer! But then again, what young Filipina girl doesn’t? I saw her supposed “music” myspace years ago and her music is ridiculous.

She claims toward the beginning of the video that her “hood” growing up was so hard to live in. Yeah, poor Tila. I’m sure Daly City was real hard to deal with. Wannabe stripper. I hate ever commenting on anything remotely racist, because I am not and never have been racist, but the Filipino culture has a well known stereotype for stealing others’ personas and cultures, whether it be ghetto, preppy, or what have you. She’s just another addition to that stereotype.

I could go on and on with reasons to hate her, from her over publicized “bisexuality” to her claiming to be a singer and entertainer, to the world of fame excess and trash she lives in, to the biggest question of all, WHO TOLD THIS BITCH SHE WAS FAMOUS?

I don’t see why I or anyone else should even care about Tila Tequila. She’s worthless and she needs to take that gun of hers and blow her brains out. She is a disgusting excuse for a human being.

If this alien-headed gravelly voiced midget spray-tanned surgically enhanced bitch thinks she’s a worthy human being she deserves to get knocked upside the head again to beat some sense into her. Good riddance if she dies young. Peace. Love Nico

Tila Tequila stupid ass is back at it again looking for some more attention.

I bet this crazy ass girl be on Maia Cambell’s level by next summer. She was all on twitter bragging about her lil Tila Tequila private strip show that only members to her site can view. So why now broadcast your strip show on Ustream? Her site must have been wack or hey… maybe just Tila’s wack! BAM POWs! I would just have to say neither, she just needs the attention.

And if that shxt ain’t bad enough, her lawyer, Cyrus Nownejad, is trying to blame her craziness on Shawne Merriman doing what her mama should have done to her along time ago.

http://www.ustream.tv/TilaTequila

Come on now! This is the girl who went on twitter to announce her being lesbian, then come back a few weeks later and announce again that she’s coming out about being lesbian. Saying how she was in denial about being lesbo while putting on a front of being bi. Well…. were you in denial about being in denial?

This hoe dumb.

Citing FHA’s deteriorating financial position, Reps. Spencer Bachus (Ala.) and Shelley Capito (W. Va.) are urging committee chairman Barney Frank, D-Mass., to schedule a hearing as soon as possible.

Republican leaders on the House Financial Services Committee are calling for hearings on the financial health of the ailing Federal Housing Administration reserve fund, which recently reported a sharp drop in its capital ratio to 0.57%.

“If home prices do not recover, the economic value of the Mutual Mortgage Insurance Fund could fall below zero. We are concerned that such a drop could force HUD to request an appropriation from Congress,” the two Republican lawmakers say in a letter.

FHA officials maintain that they have taken corrective actions and the insurance fund is in no imminent danger of running out of cash. If necessary, the agency could raise the FHA upfront premium to keep the fund in the black.

However, Reps. Bachus and Capito also have concerns about FHA’s technological and management capacity.

“It is incumbent upon our committee to get prompt answers to many of the questions surrounding FHA’s risk management practices and finances,” the Republicans say in a letter to Rep. Frank.

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Tila Tequila wants you to feel sorry for her.

While we certainly wish her no physical harm, the girl has zero credibility, which may be why police decided not to charge her then-boyfriend, Shawne Merriman, in the altercation that took place between them in September.

Just the same, Tila Tequila is letting her bruises do the talking in a lawsuit she just filed against the NFL star, who she says grabbed her, shook her like a rag doll, threw he down and choked her during an argument at his house.

In the lawsuit, Tila included photos showing bruises on her arms and noting the disparity in height and weight (Tila is 4′11″, 93 lbs. Shawne is 6′4″, 280 lbs).

Which proves nothing, of course, but here they are …

Tila Tequila says this proves Shawne Merriman assaulted her.

Tila says in her suit (for battery, assault, emotional distress and false imprisonment) that the San Diego Chargers linebacker had a bad temper combined with a drug problem, and that he humiliated her because of her bi-sexuality.

Merriman served an NFL suspension for steroid use the season before last.

Shawne’s version of events that night? He wanted Tila to engage in a foursome with himself and two other girls, she flipped out and refused, and he had to physically restrain her from driving home naked and intoxicated.

The San Diego County D.A. declined to file criminal charges. She might have better luck auctioning off her breasts than banking on a big settlement here.

The Federal Housing Administration has issued new condominium lending policies that go into effect Dec. 7. But the agency is making several temporary exceptions to the new rules due to the “volatility” in the condo market.

The new FHA lending policies spelled out in Mortgagee Letter 2009-46 B limit the number of condo units in one complex that can be financed with FHA-insured loans at 30%. And 50% of the units must be owner-occupied before FHA financing can be used.

However, Mortgagee Letter 2009-46 A allows exceptions to the FHA concentration and owner-occupancy requirements until Dec. 31, 2010. One exception allows FHA lenders to ignore foreclosed units in calculating the owner-occupancy rate until the end of next year.

The Department of Housing and Urban Development will allow FHA lenders to use a “Spot Loan Approval Process” for condominium units until Feb. 1, 2010.

Spot approvals allow FHA lenders to finance one condominium unit in a building that has not been approved by HUD. The new condo lending policies gives FHA direct endorsement lenders the authority to approve condominium projects for the first time ever.

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Kaamoksen kadottava toimisto on dynaaminen tila, jossa voi olla helposti joko seurassa tai yksin.

Sosiaalitilat mahdollistavat yhteiset aamiaiset, ja koko toimisto on yhtä suurta tilaa. Yksityisyydenpuuskassa voi kuitenkin koteloitua katosta laskeutuvan laatikon sisään.

Kuvassa näkee selvästi nuolenmuotoisen, dynaamisen ruokapöydän sekä katosta laskeutuneen kopin työntekijän takana.

Fannie Mae has given more than three-dozen credit unions until next week to accept an offer of pennies on the dollar for some $125 million of their mortgages that defunct U.S. Mortgage/CU National Mortgage fraudulently sold to Fannie.

So far, only two of the credit unions have accepted the offer, detailed in a letter to Fannie Mae’s federal regulator from National Credit Union Administration chairman Deborah Matz, who expressed concern at the losses faced by affected credit unions.

 ”I appreciate Fannie Mae is also a victim of this crime,” said Mrs. Matz in a letter to Edward DeMarco, acting director of the Federal Housing Finance Agency. “However, the financial impact of CU National’s fraud on these member-owned cooperatives is significant. Indeed, for some of the credit unions, their losses will be so great as to force our agency to take drastic action under the prompt corrective action rules.”

Both the credit unions and Fannie were victims of a massive fraud perpetrated by Michael McGrath, the president of U.S. Mortgage and its CU National subsidiary which sold $140 million of mortgages held on behalf of credit unions to the GSE without authorization and kept the money. McGrath has pleaded guilty to the huge fraud, agreeing to forfeit almost $15 million in assets, leaving a $125 million loss for the CUs.

Fannie has given the credit unions until Nov. 16 to accept the offer but so far only two have agreed. Fannie, which has rejected requests to give the mortgages back, has offered to settle with the credit unions for what would amount to less than 20% of the value of the mortgages. If those credit unions realize the 80% of losses it could push several of them into insolvency.

_______________________

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Tila slept behind my legs, which doesn’t sound like a big deal but is something that hasn’t happened in a while.  Then when she got up she walked up to my face and licked it (she’s my dog), which reminded me of back when it was just she and I.

Back in the day waking up was exciting.  If she woke up before I did she’d get so happy I woke up and kiss me to death, and if she slept in longer than I (which happened a lot = puppy blessing) I’d wake her up eventually and get her excited for the day.

It’s different with other people.  I’ve always had roommates since adopting her, but the situation now is where she can hang out with everyone else while I’m not here, or not awake.  Sometimes that means she’s up really early and gets me up to take her outside…

I like that she’s in a more social environment, and she still definitely identifies herself as my dog, but it was really nice to wake up with her today.  That’s all.

There was this Iams advertisement yesterday that featured what looks just like Tila:

Except Tila has big bat ears.

O nosso Top 10 do mês de outubro ficou assim (posição/nome):

01 – Aki Hoshino – ほしの あき

02 – Florencia Tesouro – Outubro
03 – Stephanie Ly
04 – Joanna Krupa #2
05 – Juju Panicat – Juliana Salimeni
06 – Tila Tequila Nguyen #2
07 – Reon Kadena – かでなれおん
08 – Renata Fukumura
09 – Grace Park #3
10 – Ursula Mayes

Federal regulators have issued guidance that encourages banks to refinance or restructure commercial real estate loans despite declines in property values and rents.

A policy statement issued by the Federal Financial Institutions Examination Council provides examples of prudent CRE workouts. It also stresses the importance of the borrower’s willingness and capacity to repay the mortgage.

The guidance tells examiners not to adversely classify prudent workouts, even in cases where the borrower is associated with an industry that is facing financial difficulties.

“The financial regulators recognize that prudent loan workouts are often in the best interest of both financial institutions and borrowers, particularly during difficult economic conditions,” according to the policy statement.

CRE loans that are “renewed or restructured in accordance with prudent underwriting standards should not be adversely classified or criticized unless well-defined weaknesses exist that jeopardize repayment,” the guidance says.

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A lawsuit alleging Countrywide Financial Corp. violated the Real Estate Settlement Procedures Act through a mortgage insurance captive reinsurance kickback scheme has been reinstated by a federal appeals court.

Edward W. Ciolko, a partner with Barroway Topaz Kessler Meltzer & Check, the law firm that brought the suit, said “Consumers faced with inherently opaque real estate settlements have the right under RESPA to be compensated if they are subjected to practices such as kickbacks or unearned closing fees. These abusive practices eliminate competition and increase prices over time, and they are what RESPA is specifically intended to address.”

The suit, Alston v. Countrywide, was originally filed in December 2006. In 2008, a trial court judge dismissed the suit, ruling there was a lack of jurisdiction. But in a new ruling, Judge Maryanne Trump Barry of the U.S. Court of the Appeals for the Third Circuit, said “What is before us for decision turns on a question of statutory interpretation – does or does not the plain language of RESPA Section 8 indicate that Congress created a private right of action without requiring an overcharge allegation? We conclude that it does.”

The decision also states that the “filed rate doctrine” does not apply because those suing are challenging Countrywide’s alleged wrong conduct and not the “reasonableness or propriety of the rate that triggered the conduct.”

According to the attorneys for the plaintiffs, who are seeking class action status, Countrywide allegedly assigned each loan which lacked a 20% down payment to one of seven private mortgage insurance companies on a rotating referral fee basis. The MI companies allegedly then were required to reinsure the policy with a Countrywide subsidiary, Balboa Reinsurance Co. The plaintiffs claim that between 2000 and 2006, Balboa collected $892 million in reinsurance premiums and paid $0 in claims.

Barroway Topaz said it has brought similar lawsuits against Washington Mutual, GMAC and Wells Fargo that were on hold pending this ruling. A representative of Bank of America, the current owners of Countrywide said “At this point we evaluating the ruling and will respond in court at the appropriate time.”

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Local, state and national government agencies, nonprofits and other financial institutions gathered in Los Angeles to enter into an alliance that aims to help homeowners protect themselves from loan modification fraud.

“As the foreclosure rate grows more and more homeowners are being deceived by scam artists who prey on their fears,” said the COO of NeighborWorks, Eileen Fitzgerald. “Knowledge is the best defense, which is why the campaign equips homeowners with the tools they need to minimize their risk.”

The “Loan Modification Scam Alert” campaign is the first of a number of other events that will be announced in major cities around the country. Partners include some of the country’s largest organizations.

NeighborWorks will coordinate the efforts with partner organizations such as the Department of Housing and Urban Development, the Federal Trade Commission, the U.S. Department of Treasury, Fannie Mae, Freddie Mac, and the Lawyers’ Committee for Civil Rights Under Law.

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Are there bank foreclosure loopholes that might let you keep your home?

Ask a real estate attorney – they are trained to spot errors on your loan documents, specifically violations of the Truth in Lending Act (TILA).  With so much competition for consumers’ credit dollars, many home mortgage companies pay less than strict attention to U.S. TILA requirements.

TILA requires full and uniform disclosure of the: 

• Amount financed
• Finance charge
• Total payments
• Annual percentage interest rate

If any of this information is missing or improperly stated, you can seek compensation and an adjustment of your loan terms in court. A real estate lawyer can file a lawsuit and stop the bank foreclosure process. Whocanisue.com can help you find an experienced real estate lawyer in your area.

For tips on how to avoid foreclosure visit the real estate section of our library.

The number of default notices filed against California homeowners fell in the third quarter of 2009 compared with the prior three-month period, the result of lenders’ evolving foreclosure policies and an uptick in the number of mortgages being renegotiated, according to San Diego-based MDA DataQuick, which monitors real estate activity nationwide.

A total of 111,689 default notices were sent out during the July-through-September period. That was down 10.3% from 124,562 for the second quarter, and up 18.5% from 94,240 in third quarter 2008.

 ”It may well be that lenders have intentionally slowed down the pace of formal foreclosure proceedings. If so, it’s not out of the goodness of their hearts. Trying to keep motivated, employed homeowners in their homes might be the most cost-efficient way to stem losses,” said John Walsh, DataQuick president.

The lenders that originated the most loans that went into default in the third quarter were Countrywide (7,583), Washington Mutual (5,146) and Wells Fargo (4,425). Along with Bank of America (1,979) and World Savings (4,237), they were also the most active lenders in the second half of 2006. The quarter’s default rate on loans originated in the second half of 2006 ranged from 1.7% or Bank of America to 11.9% for World Savings.

Smaller subprime lenders had far higher default rates for the period: ResMAE Mortgage was at 73.9%, OwnIt Mortgage 69.5%, BNC Mortgage 61.4%, Argent Mortgage 59.9% and First Franklin 59.4%. While these and most other subprime lenders are long gone, their loans were bundled, resold and now live on as “troubled assets,” Mr. Walsh said.

“There’s a batch of truly nasty loans that were made in mid 2006. There’s another batch made in late 2006. These are worse than the mortgages before and after, and it’s taking a long time to process them.”

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In a joint statement from the U.S. Attorney for the Eastern District of New York, and the HUD Inspector General’s office, the government says Lend America “falsely certified” that borrowers met FHA underwriting requirements. Using the civil courts, the government is seeking injunctive relief from both the company and its chief business strategist Michael Ashley.

Lend America issued a statement saying it was taken by surprise by the complaint and expects to continue doing business. It added that it plans to “respond more completely once all allegations are reviewed.”

The U.S. Attorney and Department of Housing and Urban Development are seeking a court injunction to ban Lend America, Melville, N.Y., from originating FHA loans, accusing the nonbank lender with fraud in regard to $14 million in product.

Lend America services about $850 million in GNMA-backed products and currently ranks 18th nationwide in GNMA MBS issuance. Lend America recently stepped up plans for expansion into correspondent mortgage banking and wholesale that included FHA production.

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This a companion piece to a blog that I wrote a month ago regarding changes to MDIA, HOEPA and HERA.

Major changes to the Home Ownership and Equity Protection Act (HOEPA) went into effect October 1, 2009. These changes affect appraisals, HOEPA loans, servicing, and advertising and create a new category of loans called Higher Priced Mortgage Loans (HPMLs), a category that will occupy the space between prime loans and HOEPA loans. This is what I want to talk about today

The law’s implementing regulation (which we know as “Reg. Z”) has, since 1994, mandated disclosure requirements for high-cost closed-end mortgage loans, known as HOEPA – or Section 32 – loans. Now we have a new kind of loan called a higher-priced closed-end mortgage loan (HPML) – or – Section 35.

HOEPA loans are defined by the Federal Reserve Board – the agency that writes Regulation Z – as loans on which the APR exceeds the yield on a Treasury security of a comparable maturity by eight percentage points, or a loan on which total points and fees exceed eight percent of the loan amount. HOEPA loans aren’t prohibited – they’re just heavily regulated and subject to special disclosures and practices. The restrictions on these kinds of high-cost loans nearly eliminate them from the market. Many lenders note prominently on their rate sheets that they do not offer Section 32 loans.

HPMLs aren’t quite HOEPA loans, but they’re not prime loans either. An HPML is a first-lien loan that is 1.5 percentage points above the average prime offer rate (APOR) as computed from the Freddie Mac Primary Mortgage Market Survey (PMMS). For second-lien loans, the trigger is 3.5 percentage points above the APOR. Construction, bridge, reverses and HELOCs are excluded from the HPML restrictions. As of April 1, 2010, HPMLs must have an escrow account for taxes and insurance (October 1, 2010 for manufactured homes). Federal Reserve says the HPML category includes “virtually all closed-end subprime loans secured by a consumer’s principal dwelling,” and:
Prohibits a lender from making a loan without regard to borrowers’ ability to repay the loan from income and assets other than the home’s value. A lender complies, in part, by assessing repayment ability based on the highest scheduled payment in the first seven years of the loan. To show that a lender violated this prohibition, a borrower does not need to demonstrate it as part of a “pattern or practice.”

1. Prohibits a lender from relying on income or assets that it does not verify to determine repayment ability. It is not acceptable to rely only on a statement from the consumer.
2. Bans any prepayment penalty if the payment can change during the initial four years.
3. Requires that the lender establish an escrow account for the payment of property taxes and homeowners’ insurance for first-lien loans. (The lender may offer the borrower the opportunity to cancel the escrow account after one year.)

Many lenders don’t write HOEPA loans, but, for those who do, as of October 1, 2009, a lender cannot make a HOEPA loan without regard to a consumer’s ability to repay the loan. How do you verify ability to repay? Easy: verify income, assets and obligations. As well, the maximum prepayment penalty is reduced from five years to two and the principal and interest payment cannot change in the first four years of the loan.

Ok, so that was the official language, but what does this mean to you? Well, it protects the buyer from high cost loans under this section 35 however, I have a sneaky suspicion that it might have some hidden issues that will have to be worked out. One comes to mind. If the buyer is short to close, the lender can no longer (easily) raise the rate and credit back for closing costs. This is a stand by in our industry, of course we want the client to be ready to purchase however we have all run into situations where this happens and the remedy is required. So, if the borrower is tight o n closing funds, be wary this new “protection” from the government might kill the deal.

Cory Polk
Loan Officer
Plaza Loans
408-754-3847 Office
209-518-9462 Cell
cory@plazaloans.com

From Jan. 1, 2009 to June 30, 2009 filers submitted 32,926 mortgage loan fraud Suspicious Activity Reports (SARs), less than a 1% increase over the 32,660 SARs filed in the same period in 2008.

The Los Angeles and Miami areas saw the most reported fraud for the first half of 2009, according to the Financial Crimes Enforcement Network’s updated Suspicious Activity Report Activity Review.

According to FinCen’s updated SAR report, Los Angeles and Miami each saw 6,300 SAR subjects. Following these, the urban areas with the largest number of mortgage fraud SAR subjects were New York with 4,500, Chicago with 3,200 and the District of Columbia with 2,200.

Ranked by total reported subjects, the top 10 states included California, Florida, New York, Illinois, Georgia, Texas, Arizona, Michigan, Virginia and New Jersey.

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