Abacus FSB and 19 Ex-Workers Were Indicted

AP Via Crains New York A community bank and 19 ex-employees have been criminally charged with issuing hundreds of millions of dollars in fraudulent mortgages that ended up in unwitting investors’ portfolios, prosecutors said Thursday in announcing a rare indictment against a bank in the mortgage meltdown that rocked the U.S. economy. Abacus Federal Savings […]

NY Man Dresses As His Dead Mother for 8 Years To Pull Real Estate Scam

James King, Villiage Voice A Brooklyn man who dressed up as his dead mother to commit real estate and social security fraud was in court this afternoon where he was sentenced to some rather lengthy prison time after getting found guilty last month of multiple dressing-as-your-dead-mother-to-scam-people-related crimes. Parkin, 51, was sentenced to a total of […]

ResCap Goes Broke Leaving Families In Limbo

Catherine Curran, NY Post Two weeks ago, a Westchester family had finally reached the end of seven years in foreclosure hell. Then the plate tectonics of the massive bank that controls their fate shifted. Ally Financial, formerly GMAC, filed Chapter 11 bankruptcy for its troubled Residential Capital mortgage unit last Monday. Ally owes taxpayers roughly […]

NYS Holds Hearing On Forced-Placed Insurance

Greg B. Smith, NY Daily News UNEMPLOYED SOCIAL worker Mary Burton had never heard the term “forced place insurance” when the monthly mortgage payments on her modest Staten Island home suddenly shot up from $864 to $1,297. Her homeowner’s insurance had lapsed, and her lender, Citibank, had automatically tacked on new — much more expensive — insurance […]

MERS

MERS Tells Schneiderman His Lawsuit Is Garbage

MERS Goes Ape Shit Over Schneiderman Lawsuit Below is a press release issued by MERS. It is in response to the lawsuit filed by New York Attorney General Eric Schneiderman against MERS. You have to take the MERS press release with a grain of salt because their press releases tend to be as accurate and […]

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