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South Korean Police said yesterday they have Busted ares fifteen-Member Group that faked the Adoption of Children to pull off ares Real-Estate Scam. The ring earned about four hundred eighty million Won ($ four hundred and seventy-nine thousand five hundred twenty) abusing are housing Law that Gives preference to are private Home Buyer Children are healthy and child or with an. The ringleader while WAS 14 Others Arrested, Including Real Estate Brokers and loan shark are, Were charged but not detained, said spokesman for the Seoul Metropolitan Police Agency are. Government Regulations FIX anti-speculation the price of some Apartments built privately and Reserve ares are seen as what percentage of homes for deserving applicants. Officials are trying to Overcome Traditional reluctance in South Korea are, which places stress on Great Family Bloodlines, to Adopt Children. Police said the loan shark visited ares Street vendor last July and received 10 million won. Return to rights he waived in HIS HIS Daughters are let and Street Cleaner "Adopt" them. The Street Cleaner used to the Adoption Document to Secure rights are Buy Luxury Condominium but are resold the rights to high School Teacher. Using fake Adoption Documents, the Obtained the right ring to Buy Apartments in Seoul and nearby Cities twenty-one. Police also charged 20 biological and nineteen "adoptive parents" for accepting up to 10 million Won in Each Case. AFP

   Springhill Group Home Loans and Deposits The deteriorating situation in Europe has increased the chances of a December interest rate cut. Australian banks are coming under increasing pressure from the ensuing European debt crisis, and have become nervous about lending to each other because of their exposure to risky European debt. Consequently, there are concerns about the risks if the Reserve Bank does not cut interest rates, with the next opportunity not until February. The Reserve Bank Governor, Glenn Stevens, ramped up the pressure on European leaders to find a swift solution to the crisis, saying that "the damage to us and everyone else will be unacceptable". It is not immediately clear, though, whether banks will be so eager to pass on the full benefits of any such cuts to consumers. The recent interest rate cut saw every major bank reduce theirhome loan rates by the full 0.25% with the exception of NAB, who faced strong criticism for their decision to offer less. However, Australian banks are facing higher costs of funding due to the rising cost of lending across global money markets. It is suspected that these costs will be passed onto consumers by not passing on the full benefit of central rate cuts. Therefore, it is predicted that the Reserve Bank's committee will have to cut interest rates by a bigger margin if it hopes to see any monetary benefit reach consumers. One advantage for the consumer is the legislation meaning that home loans can now be transferred without exit fee, ensuring a greater level of competition between retail banks. It may be the right time to consider Which4U's current savings account rates, in case these are set to fall in the near future. Ashley King Monday, 28 November 2011 13:19

Springhill Group Home is a housing finance company with the principal goal of achieving a social requirement of motivating home ownership by offering

South Korean Police said yesterday they have Busted ares fifteen-Member Group that faked the Adoption of Children to pull off ares Real-Estate Scam. The ring earned about four hundred eighty million Won ($ four hundred and seventy-nine thousand five hundred twenty) abusing are housing Law that Gives preference to are private Home Buyer Children are healthy and child or with an. The ringleader while WAS 14 Others Arrested, Including Real Estate Brokers and loan shark are, Were charged but not detained, said spokesman for the Seoul Metropolitan Police Agency are. Government Regulations FIX anti-speculation the price of some Apartments built privately and Reserve ares are seen as what percentage of homes for deserving applicants. Officials are trying to Overcome Traditional reluctance in South Korea are, which places stress on Great Family Bloodlines, to Adopt Children. Police said the loan shark visited ares Street vendor last July and received 10 million won. Return to rights he waived in HIS HIS Daughters are let and Street Cleaner "Adopt" them. The Street Cleaner used to the Adoption Document to Secure rights are Buy Luxury Condominium but are resold the rights to high School Teacher. Using fake Adoption Documents, the Obtained the right ring to Buy Apartments in Seoul and nearby Cities twenty-one. Police also charged 20 biological and nineteen "adoptive parents" for accepting up to 10 million Won in Each Case. AFP

Posted by Springhill Group Home Loans on 12/9/2011 9:55 PM The deteriorating situation in Europe has increased the chances of a December interest rate cut. Australian banks are coming under increasing pressure from the ensuing European debt crisis, and have become nervous about lending to each other because of their exposure to risky European debt. Consequently, there are concerns about the risks if the Reserve Bank does not cut interest rates, with the next opportunity not until February. The Reserve Bank Governor, Glenn Stevens, ramped up the pressure on European leaders to find a swift solution to the crisis, saying that "the damage to us and everyone else will be unacceptable". It is not immediately clear, though, whether banks will be so eager to pass on the full benefits of any such cuts to consumers. The recent interest rate cut saw every major bank reduce theirhome loan rates by the full 0.25% with the exception of NAB, who faced strong criticism for their decision to offer less. However, Australian banks are facing higher costs of funding due to the rising cost of lending across global money markets. It is suspected that these costs will be passed onto consumers by not passing on the full benefit of central rate cuts. Therefore, it is predicted that the Reserve Bank's committee will have to cut interest rates by a bigger margin if it hopes to see any monetary benefit reach consumers. One advantage for the consumer is the legislation meaning that home loans can now be transferred without exit fee, ensuring a greater level of competition between retail banks. It may be the right time to consider Which4U's current savings account rates, in case these are set to fall in the near future. Ashley King Monday, 28 November 2011 13:19 View News Archive

News Center- Springhill Group Home Loan's unrelenting aim on Corporate Governance, superior standards of ethics and focus of perspective - Confidence, Reliability, Transparency and Expert Service are the essential attitude of NCSGHL. Customer satisfaction is the tradition of all News Center- Springhill Group Home Loan's services. With SHG's state-of-the-art information and facts methods to provide customer's needs inspire customers in order to make the right home buying decision. This is what sets apart SGH's customer service philosophy - Housing Finance With You, All Through.

South Korean Police said yesterday they have Busted ares fifteen-Member Group that faked the Adoption of Children to pull off ares Real-Estate Scam. The ring earned about four hundred eighty million Won ($ four hundred and seventy-nine thousand five hundred twenty) abusing are housing Law that Gives preference to are private Home Buyer Children are healthy and child or with an. The ringleader while WAS 14 Others Arrested, Including Real Estate Brokers and loan shark are, Were charged but not detained, said spokesman for the Seoul Metropolitan Police Agency are. Government Regulations FIX anti-speculation the price of some Apartments built privately and Reserve ares are seen as what percentage of homes for deserving applicants. Officials are trying to Overcome Traditional reluctance in South Korea are, which places stress on Great Family Bloodlines, to Adopt Children. Police said the loan shark visited ares Street vendor last July and received 10 million won. Return to rights he waived in HIS HIS Daughters are let and Street Cleaner "Adopt" them. The Street Cleaner used to the Adoption Document to Secure rights are Buy Luxury Condominium but are resold the rights to high School Teacher. Using fake Adoption Documents, the Obtained the right ring to Buy Apartments in Seoul and nearby Cities twenty-one. Police also charged 20 biological and nineteen "adoptive parents" for accepting up to 10 million Won in Each Case. AFP see more : http://springhillgrouphome.com/

http://ambersanpedro.livejournal.com/1011.html This project consisted of removing and replacing (2) existing 1100 ton chillers, removing (4) existing tower water pumps which were replaced with (2), and removing (3) existing chilled water pumps which were replaced with (2). A single new 400HP boiler was installed where one of the existing original boiler's was demolished by an owner paid subcontractor separate from this contract. There was also a generator that was removed in order to make room in the chiller room for the new equipment and piping. A large condensing unit servicing some operating rooms had to be relocated in order to allow access to the mechanical room for demolition and delivery of the new equipment and piping. Much of the existing chilled water and tower water piping was removed and replaced with throughout the chiller room and on the mezzanine above the chiller room. Steam, condensate and fuel oil piping servicing the old boiler was removed and re-configured to meet the needs of the new boiler. Access to the south mechanical room was very limited. All of the equipment and piping had to be hoisted into and out of an access shaft just large enough for the new equipment. Besides the limited space, the set-up area for the hoisting rig was right next to the Emergency Room/Helepad entrance. The coordination with our hoisting and rigging subcontractor, the hospital personnel and Stanger Industries years of experience with similar projects proved invaluable on this challenging aspect of the project. One of the stipulations of this project was to insure that all systems would remain on line during the installation of all of the new equipment. In order to accomplish this task, isolation valves were installed in key locations to allow us to isolate this south mechanical room from the rest of the system and utilize the north mechanical room's equipment to keep things on line. The shut-down/drain down of the towers was scheduled and coordinated with hosp

Hospital Corporation of America Chillers, Pumps, and Boiler Replacement Project Wednesday, January 18 · Edit "http://ambersanpedro.livejournal.com/1011.html This project consisted of removing and replacing (2) existing 1100 ton chillers, removing (4) existing tower water pumps which were replaced with (2), and removing (3) existing chilled water pumps which were replaced with (2). A single new 400HP boiler was installed where one of the existing original boiler's was demolished by an owner paid subcontractor separate from this contract. There was also a generator that was removed in order to make room in the chiller room for the new equipment and piping. A large condensing unit servicing some operating rooms had to be relocated in order to allow access to the mechanical room for demolition and delivery of the new equipment and piping. Much of the existing chilled water and tower water piping was removed and replaced with throughout the chiller room and on the mezzanine above the chiller room. Steam, condensate and fuel oil piping servicing the old boiler was removed and re-configured to meet the needs of the new boiler. Access to the south mechanical room was very limited. All of the equipment and piping had to be hoisted into and out of an access shaft just large enough for the new equipment. Besides the limited space, the set-up area for the hoisting rig was right next to the Emergency Room/Helepad entrance. The coordination with our hoisting and rigging subcontractor, the hospital personnel and Stanger Industries years of experience with similar projects proved invaluable on this challenging aspect of the project. One of the stipulations of this project was to insure that all systems would remain on line during the installation of all of the new equipment. In order to accomplish this task, isolation valves were installed in key locations to allow us to isolate this south mechanical room from the rest of the system and utilize the north mechanical room's

BusinessWeek Articles - LIFESTYLE - A certain "SehwanJung" in South Korea has been sending a number ofdesperate requests for funds over Twitter: "I am in urgentneed of money. Can you lend me 500,000 dollars?I will makeit up to you later." A diabolical plot, indeed, though Mr.Jung's scam is unlikely to work. For one, people can seeeverything someone sends on Twitter and quickly realize he'ssent the exact same message over and over. For another, heis tweeting almost exclusively to celebrities, includingChanning Tatum, Rosario Dawson, Carly Simon, journalistNicholas Kristof (who today sarcastically answered, "Sure!"),and the foreign minister of Bahrain, Sheikh Khalid binAhmed Al Khalifa and Group of Springhill South Korea. "Now this one is a real winner," says Dan Ring, aspokesperson for Boston-based data protection companySophos. "Sehwan Jung's list of celebrities is almost asentertaining and as random as his actual request, andit's one of the more optimistic requests out there. I hopethere's no way someone will fall for this." The "Sehwan gambit" joins the following examples asone of the laziest scams in Internet history. * "JOHN" fails to mention what he even wants to conyou out of:Subject: what are you saleGreetings,My name is JOHN, i am highly interested inbuying your{ what you want to sale } from you ,I willlike you to give me the FINAL ASKING price and thelastes condition,also i will like you to scan the pics forme for proper verifycation. This scammer doesn't even attempt to establish a personalconnection before offering $18 million:Beloved,I am Elizabeth Etters, a Christian.I picked your email randomlyfor an inheritance of $18M. Please contact me for more details via[redacted]. * One malware attack came in the form of a bogus Christmascard-sent on March 19:Date: 2010-03-19 09:27:15"You have just received a Christmas greeting card! To see yourcustom card and who sent it, please check the attachment." In t

Thailand is seeking help from China and South Korea to support its efforts to crack down on the smuggling of pseudoephedrine-based cold pills. The move came after the Department of Special Investigation (DSI) obtained information that a Thai company had struck a deal to buy 10 billion pseudoephedrine-based cold tablets from a Chinese firm. Previously, the DSI obtained information that the firm also signed a deal to buy 850 million tablets, or 40 tonnes of the medicine, from South Korea. The DSI found that 87 million cold tablets were transported into Thailand from South Korea by plane on nine occasions since 2010. They had false air cargo manifests to avoid attracting attention from the authorities. The DSI suspected the medicines were smuggled in from South Korea. The DSI is investigating two companies suspected of being involved in the smuggling of the pills from overseas. The companies are UTAC Thai Co Ltd, a supplier of integrated circuits, and TVR Group Co Ltd, a car dealer and vehicle hire firm. Some information relating to the drug purchases was uncovered at the companies during recent searches of their premises but the firms denied any involvement. Mr Tarit said yesterday DSI officials also discovered a contract to buy 10 billion pseudoephedrine-based cold tablets from China during the search at UTAC Thai Co Ltd. Under the contract, the first batch of 2 million tablets was to have been shipped to Thailand on July 31, 2009. He said the DSI also found a photo showing a man collecting the pills from Suvarnabhumi airport cargo warehouse. The cold tablets from China and South Korea have the same brand name of COLCOLCO, he said. Mr Tarit said DSI officials also searched the company's factory but there was nothing amiss. However, it was found that the company had three South Korean executives and one Thai executive, Mr Tarit said. He said the Korean Food and Drug Administration recently sent information

LA CRESCENTA, Calif. (KABC) - More than two dozen people say they fell victim to a costly home loan scam that targeted Korean immigrants. The lawyer accused of orchestrating it all is being sued. It took a life savings to buy this La Crescenta home. Losing it took mere months, all because of accused lawyer Timothy D. Thurman and Trinity Law Associates. Ok Kee Shin is just one of 28 alleged victims. "It is just such a shock, and that the house had been sold and foreclosed," said Shin through a translator. In a lawsuit, the Asian Pacific American Legal Center details a web of fraud. Though the plaintiffs are all Korean immigrants, people of any nationality could fall for this one. The suit says Trinity Law Firm hired Koreans to place ads, then illegally paid them, like bounty hunters, to bring in customers. "This practice known as 'running and capping' is against the law," said Yungsuhn Park, Asian Pacific American Legal Center. "Attorneys are prohibited from paying non-attorney agents to find clients." Everything seemed so credible. The Trinity Law Firm operated out of a high-rise on Wilshire Boulevard. "So he flipped through my loan documents and he told me that this was a bank that had a lot of errors in their loan documents," said Shin's translator, quoting her. She says Thurman assured her he could fix her loan for a fee of $7,000, and that she should stop paying her mortgage and ignore the foreclosure notices. Legal advocates now spread a warning: Avoid any person who offers guarantees to stop a foreclosure. Don't pay up-front fees: They are also illegal after a state law was passed last October. And seek help from a non-profit first. You don't need an attorney for loan modifications. As for Thurman, he was in trouble even before this suit. He pleaded guilty to forging the signature of a judge on a foreclosure document, a crime punishable by five years in prison - a penalty that comes too late to save former homeowners.

ATLANTA - Cases of residential mortgage fraud reported by institutions in the home financing industry fell last year for the second year in a row, according to a new study. The LexisNexis Risk Solutions Mortgage Fraud Report released Wednesday tracks verified instances of home loan fraud or misrepresentation by mortgage industry professionals, as reported by banks and other financial institutions. The fraud could include a borrower falsifying information on loan documents but only if the borrower was conspiring with a mortgage industry professional. The study found that mortgage fraud reports declined 35 percent between 2010 and 2011. One factor in the decline is that mortgage loan originations sank to their lowest levels since 2001 last year, reflecting a sharp drop in sales of new and previously occupied homes. Another is that fewer mortgage fraud schemes are taking place at the point where a buyer tries to get a home loan. Mortgage fraud involving the buying or selling of homes in some stage of foreclosure is becoming more common, according to the FBI. Mortgage fraud investigations by the FBI resulted in 1,082 convictions in fiscal 2011, the agency has said. Loan application and home appraisal fraud and misrepresentation made up the largest category of fraud type being investigated by lenders last year, according to the LexisNexis study. Among the trends identified in the report: Instances where buyers and sellers potentially colluded in a home sale or purchase transaction are running at an elevated pace. One red flag of collusion in a real estate transaction is when there is an undisclosed relationship between buyer and seller, or agent, which could potentially lead to a conflict of interest. Unless disclosed, real estate transactions are expected to be arm's-length, or with buyer and seller having no relationship to each other. In 2011, lenders reported that transactions where such a relationship was not disclosed declined t

ATLANTA - Cases of residential mortgage fraud reported by institutions in the home financing industry fell last year for the second year in a row, according to a new study. The LexisNexis Risk Solutions Mortgage Fraud Report released Wednesday tracks verified instances of home loan fraud or misrepresentation by mortgage industry professionals, as reported by banks and other financial institutions. The fraud could include a borrower falsifying information on loan documents but only if the borrower was conspiring with a mortgage industry professional. The study found that mortgage fraud reports declined 35 percent between 2010 and 2011. One factor in the decline is that mortgage loan originations sank to their lowest levels since 2001 last year, reflecting a sharp drop in sales of new and previously occupied homes. Another is that fewer mortgage fraud schemes are taking place at the point where a buyer tries to get a home loan. Mortgage fraud involving the buying or selling of homes in some stage of foreclosure is becoming more common, according to the FBI. Mortgage fraud investigations by the FBI resulted in 1,082 convictions in fiscal 2011, the agency has said. Loan application and home appraisal fraud and misrepresentation made up the largest category of fraud type being investigated by lenders last year, according to the LexisNexis study. Among the trends identified in the report: Instances where buyers and sellers potentially colluded in a home sale or purchase transaction are running at an elevated pace. One red flag of collusion in a real estate transaction is when there is an undisclosed relationship between buyer and seller, or agent, which could potentially lead to a conflict of interest. Unless disclosed, real estate transactions are expected to be arm's-length, or with buyer and seller having no relationship to each other. In 2011, lenders reported that transactions where such a relationship was not disclosed d

ATLANTA - Cases of residential mortgage fraud reported by institutions in the home financing industry fell last year for the second year in a row, according to a new study. The LexisNexis Risk Solutions Mortgage Fraud Report released Wednesday tracks verified instances of home loan fraud or misrepresentation by mortgage industry professionals, as reported by banks and other financial institutions. The fraud could include a borrower falsifying information on loan documents but only if the borrower was conspiring with a mortgage industry professional. The study found that mortgage fraud reports declined 35 percent between 2010 and 2011. One factor in the decline is that mortgage loan originations sank to their lowest levels since 2001 last year, reflecting a sharp drop in sales of new and previously occupied homes. Another is that fewer mortgage fraud schemes are taking place at the point where a buyer tries to get a home loan. Mortgage fraud involving the buying or selling of homes in some stage of foreclosure is becoming more common, according to the FBI. Mortgage fraud investigations by the FBI resulted in 1,082 convictions in fiscal 2011, the agency has said. Loan application and home appraisal fraud and misrepresentation made up the largest category of fraud type being investigated by lenders last year, according to the LexisNexis study. Among the trends identified in the report: Instances where buyers and sellers potentially colluded in a home sale or purchase transaction are running at an elevated pace. One red flag of collusion in a real estate transaction is when there is an undisclosed relationship between buyer and seller, or agent, which could potentially lead to a conflict of interest. Unless disclosed, real estate transactions are expected to be arm's-length, or with buyer and seller having no relationship to each other. In 2011, lenders reported that transactions where such a relationship was not disclosed declined to

These house poor families were spending more than 30 percent of their income to pay back the principal and interest for their loans, and had more liabilities than available assets, meaning they would be unable to repay their debts even by selling off all their non-home assets. Most house poor, or 96.3 percent, said in the survey that they were finding the repayment ofloans extremely burdensome. About three-quarters of them said they were reducing their spending to pay off the loans.Sixty-four percent said they would like to sell their homes soon. As for the reasons for wanting to sell off their home, 26.9 percent said they wished to readjust their asset portfolio, and 25.4 percent cited the burden of repaying loans.Others said they wished to change the size of their homes (18.7 percent) or to withstand the economic downturn (13.7 percent).Nearly two-fifths of the house poor were in their 30s and 40s. Following those in their 30s (19.6 percent) and 40s (18.9 percent) were people in their 50s (13.5 percent) and 60s (11.2 percent), indicating that many people were financially squeezed before and after retirement.The more expensive the homes, the greater the number of house poor. Some 22.3 percent of the house poor in the survey hadmortgage loans on residential properties worth more than 900 million won. About 14.5 percent had homes worth between 600 million and 900 million won. Seventeen percent had homes worth between 300 million and 600 million won, and 15.6 percent between 150 million and 300 million won. Only 13.2 percent had homes valued less than 150 million won. Seoul (17.4 percent) and the surrounding Gyeonggi Province (18 percent) showed the highest rate of house poor families. In the capital, four of the 25 districts - which have the most expensive apartments - accounted for 17.2 percent of the house poor. "About 26.2 percent of all mortgage loans were taken out by people with a low ability to repay the debts," the research instit

These house poor families were spending more than 30 percent of their income to pay back the principal and interest for their loans, and had more liabilities than available assets, meaning they would be unable to repay their debts even by selling off all their non-home assets. Most house poor, or 96.3 percent, said in the survey that they were finding the repayment ofloans extremely burdensome. About three-quarters of them said they were reducing their spending to pay off the loans.Sixty-four percent said they would like to sell their homes soon. As for the reasons for wanting to sell off their home, 26.9 percent said they wished to readjust their asset portfolio, and 25.4 percent cited the burden of repaying loans.Others said they wished to change the size of their homes (18.7 percent) or to withstand the economic downturn (13.7 percent).Nearly two-fifths of the house poor were in their 30s and 40s. Following those in their 30s (19.6 percent) and 40s (18.9 percent) were people in their 50s (13.5 percent) and 60s (11.2 percent), indicating that many people were financially squeezed before and after retirement.The more expensive the homes, the greater the number of house poor. Some 22.3 percent of the house poor in the survey hadmortgage loans on residential properties worth more than 900 million won. About 14.5 percent had homes worth between 600 million and 900 million won. Seventeen percent had homes worth between 300 million and 600 million won, and 15.6 percent between 150 million and 300 million won. Only 13.2 percent had homes valued less than 150 million won. Seoul (17.4 percent) and the surrounding Gyeonggi Province (18 percent) showed the highest rate of house poor families. In the capital, four of the 25 districts - which have the most expensive apartments - accounted for 17.2 percent of the house poor. "About 26.2 percent of all mortgage loans were taken out by people with a low ability to repay the debts," the research instit

Whenever scammers and con artists see an opportunity, they seize on it. One fallout from the subprime mortgage crisis of 2008 was that many people found themselves with a mortgage they could no longer afford. When faced with foreclosure, some people become desperate, which sets the stage for swindlers to try to make a buck off of another's misfortune. Mortgage elimination scams are nothing new, but they have reared their ugly heads in recent years. History Before the subprime mortgage crisis of 2008, mortgage elimination scams were popular in the 1980s and early 1990s when farmers in the Midwest were losing their land to the banks. The problem was so great that in 1985, concerts known as "Farm Aid," organized by Willie Nelson, Neil Young and John Mellencamp, began to raise money for farmers. This desperation by farmers made them susceptible to con men who tried to sell them kits to teach them how to use allodial title schemes, put fake liens on their property or claim that the bank never actually made any loans. How the Scams Work Most mortgage elimination scams work the same way, by coming up with untrue and crazy theories about why you don't really owe a mortgage at all and that your mortgage is not legally enforceable, according to Quatloos.com. The scammers find quotes from the Federal Reserve, taken out of context, that your mortgage is somehow illegal in the first place, and therefore, you don't owe any money. Features Once the homeowner decides that these schemes may actually work, he goes to the local courthouse and files a bogus claim. An "allodial title" is one, whereby the homeowner makes the argument that it is illegal to foreclose because of a concept that exists in some systems of property law, whereby property cannot be taken for any reason. The fallacy of this argument is there is no allodial title in the U.S. And, even if there was, an allodial title cannot be mortgaged in the first place. The courts view this as a frivolous claim. The s

These house poor families were spending more than 30 percent of their income to pay back the principal and interest for their loans, and had more liabilities than available assets, meaning they would be unable to repay their debts even by selling off all their non-home assets. Most house poor, or 96.3 percent, said in the survey that they were finding the repayment ofloans extremely burdensome. About three-quarters of them said they were reducing their spending to pay off the loans.Sixty-four percent said they would like to sell their homes soon. As for the reasons for wanting to sell off their home, 26.9 percent said they wished to readjust their asset portfolio, and 25.4 percent cited the burden of repaying loans.Others said they wished to change the size of their homes (18.7 percent) or to withstand the economic downturn (13.7 percent).Nearly two-fifths of the house poor were in their 30s and 40s. Following those in their 30s (19.6 percent) and 40s (18.9 percent) were people in their 50s (13.5 percent) and 60s (11.2 percent), indicating that many people were financially squeezed before and after retirement.The more expensive the homes, the greater the number of house poor. Some 22.3 percent of the house poor in the survey hadmortgage loans on residential properties worth more than 900 million won. About 14.5 percent had homes worth between 600 million and 900 million won. Seventeen percent had homes worth between 300 million and 600 million won, and 15.6 percent between 150 million and 300 million won. Only 13.2 percent had homes valued less than 150 million won. Seoul (17.4 percent) and the surrounding Gyeonggi Province (18 percent) showed the highest rate of house poor families. In the capital, four of the 25 districts - which have the most expensive apartments - accounted for 17.2 percent of the house poor. "About 26.2 percent of all mortgage loans were taken out by people with a low ability to repay the debts," the research institut

Two U.S. housing finance giants Fannie Mae and Freddie Mac Thursday announced huge losses in the fourth quarter of last year, fresh evidence of the still struggling U.S. property market. Fannie Mae registered a net loss of 2.1 billion U.S. dollars in the fourth quarter last year, and requested an additional 2.6 billion dollars in federal aid, the Washington-based company said Thursday in a statement. Freddie Mac posted a net loss of more than 1.7 billion dollars in the same period, and asked for an additional 500 million dollars in federal aid, according to a statement released by the company on Thursday. The Obama administration earlier this month unveiled a report to Congress on reforming the U.S. housing finance market, aiming to wind down the two government-sponsored enterprises, while giving the private sector a bigger say on the multi-trillion-dollar market. The two companies played a major role in the run-up to the severe financial crisis. The U.S. government stepped in to take over Fannie and Freddie in September 2008 and cost U.S. taxpayers multi-billion dollars, which has drawn criticism from various sectors. http://newscenter.springhillgrouphome.com/

owers may conceal obligations, such as mortgage loans on other properties or newly acquired credit card debt, to reduce the amount of monthly debt declared on the loan application. This omission of liabilities artificially lowers the debt-to-income ratio, which is a key underwriting criterion used to determine eligibility for most mortgage loans. It is considered fraud because it allows the borrower to qualify for a loan which otherwise would not have been granted, or to qualify for a bigger loan than what would have been granted had the borrower's true debt been disclosed. Fraud for profit: A complex scheme involving multiple parties, including mortgage lending professionals, in a financially motivated attempt to defraud the lender of large sums of money. Fraud for profit schemes frequently include a straw borrower whose credit report is used, a dishonest appraiser who intentionally and significantly overstates the value of the subject property, a dishonest settlement agent who might prepare two sets of HUD settlement statements or makes disbursements from loan proceeds which are not disclosed on the settlement statement, and a property owner, all in a coordinated attempt to obtain an inappropriately large loan. The parties involved share the ill-gotten gains and the mortgage eventually goes into default. In other cases, naive "investors" are lured into the scheme with the organizer's promise that the home will be repaired, repairs and/or renovations will be made, tenants will located, rents will be collected, mortgage payments made and profits will be split upon sale of the property, all without the active participation of the straw buyer. Once the loan is closed, the organizer disappears, no repairs are made nor renters found, and the "investor" is liable for paying the mortgage on a property that is not worth what is owed, leaving the "investor" financially ruined. If undetected, a bank may lend hundreds of thousands of dollars against a property that is act

Two U.S. housing finance giants Fannie Mae and Freddie Mac Thursday announced huge losses in the fourth quarter of last year, fresh evidence of the still struggling U.S. property market. Fannie Mae registered a net loss of 2.1 billion U.S. dollars in the fourth quarter last year, and requested an additional 2.6 billion dollars in federal aid, the Washington-based company said Thursday in a statement. Freddie Mac posted a net loss of more than 1.7 billion dollars in the same period, and asked for an additional 500 million dollars in federal aid, according to a statement released by the company on Thursday. The Obama administration earlier this month unveiled a report to Congress on reforming the U.S. housing finance market, aiming to wind down the two government-sponsored enterprises, while giving the private sector a bigger say on the multi-trillion-dollar market. The two companies played a major role in the run-up to the severe financial crisis. The U.S. government stepped in to take over Fannie and Freddie in September 2008 and cost U.S. taxpayers multi-billion dollars, which has drawn criticism from various sectors.