ING Bank suing under RICO statutes to recover losses by alleged local real estate fraud ring.

Here is the article from the Seattle Times. Excerpt: In one deal, the bank loaned a borrower $935,000 to buy a Tacoma house for $1.35 million — a house that, according to the real-estate Web site Zillow, is valued higher than 99 percent of homes in its ZIP code. Nationwide Home Lending was paid nearly […]

Fannie and Freddie to track loan performance of originator and the appraiser.

It was announced today that beginning Jan. 1, 2010 Freddie Mac and Fannie Mae will be required to obtain loan-level identifiers for the loan originator, loan origination company, field appraiser and supervisory appraiser. The purpose of the requirement is to prevent fraud and predatory lending, to ensure mortgages owned and guaranteed by those Enterprises are originated […]

Government Intervention in Foreclosure

This is Part Four of a series of articles on foreclosures. This article does not constitute legal advice. Foreclosure laws vary from state to state. Homeowners in financial distress should always hire legal counsel. Call your local state bar association for a referral.  Reduced or free legal aid may be available in some states. Ask […]

Rising star or…

Another sample of business ethics out the window According to this Bloomberg story,  Eve Mazzarella, a high school drop-out and former maid from Seattle moved to Las Vegas and started a real estate career in the year 2000.   Evidently, she and her husband are now allegedly charged with fraud.  The story goes on to say […]

Options for Homeowners Facing Foreclosure

This is Part Two of a series of articles on the foreclosure process. This article does not constitute legal advice. Foreclosure laws vary from state to state. Homeowners in financial distress should always hire legal counsel. Call your local state bar association for a referral.  Reduced or free legal aid may be available in some states. […]

One more story for the Bellevue mortgage fraud files

The Seattle Times is reporting tonight that a federal indictment has been issued for a Bellevue loan officer and his assistant.  A former loan officer at a Bellevue mortgage company and his assistant have been indicted on a charge of conspiracy to commit wire fraud in a scheme that prosecutors say involved using straw buyers […]