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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/

Mortgage fraud is crime in which the intent is to materially misrepresent or omit information on a mortgage loan application to obtain a loan or to obtain a larger loan than would have been obtained had the lender or borrower known the truth. In United States federal courts, mortgage fraud is prosecuted as wire fraud, bank fraud, mail fraud and money laundering, with penalties of up to thirty years imprisonment.As the incidence of mortgage fraud has risen over the past few years, states have also begun to enact their own penalties for mortgage fraud. Mortgage fraud is not to be confused with predatory mortgage lending, which occurs when a consumer is misled or deceived by agents of the lender. However, predatory lending practices often co-exist with mortgage fraud. Types Occupancy fraud: This occurs where the borrower wishes to obtain a mortgage to acquire an investment property, but states on the loan application that the borrower will occupy the property as the primary residence or as a second home. If undetected, the borrower typically obtains a lower interest rate than was warranted. Because lenders typically charge a higher interest rate for non-owner-occupied properties, which historically have higher delinquency rates, the lender receives insufficient return on capital and is over-exposed to loss relative to what was expected in the transaction. In addition, lenders allow larger loans on owner-occupied homes compared to loans for investment properties. When occupancy fraud occurs, it is likely that taxes on gains are not paid, resulting in additional fraud. It is considered fraud because the borrower has materially misprepresented the risk to the lender to obtain more favorable loan terms. Income fraud: This occurs when a borrower overstates his/her income to qualify for a mortgage or for a larger loan amount. This was most often seen with so-called "stated income" mortgage loans (popularly referred to as "liar loans"), where the borrower, or a l

South Korea announced steps Thursday to bolster its sagging property market, including easing restrictions imposed on some districts of the capital. Seoul in 2003 restricted mortgage loan-to-value ratios to 40 percent and banned buyers from spending more than 40 percent of their income on repayments in three southern Seoul areas seen as most attractive to speculators. From now on, the same rules will apply citywide, with buyers able to borrow up to 50 percent of a property's value and spend up to 50 percent of their income on repayments. House prices in the Seoul metropolitan area have been falling for 10 successive months, with the latest April reading showing a 0.3 percent month-on-month decline. The government said it would also cut taxes on capital gains from property in the three districts, and would offer low-interest loans to a wider range of potential home-buyers in the capital. "We're rolling back excessive regulations adopted back in the early 2000s when the property market was overheating," the land ministry said in a statement. "Despite an increase in home supply... transactions in the housing sector are shrinking, while new apartment sales are also sluggish, hit by (economic) uncertainties." You can also visit us @ http://newscenter.springhillgrouphome.com/

(Source: Dirk Godder dpa, Hamburg, Germany (MCT) - President Lee Myung Bak apologized to South Koreans Tuesday for the involvement of his elder brother and former aides in corruption cases. "Fellow Koreans, disgraceful incidents have recently happened to my family and people surrounding me and caused so much anxiety," he said. "I bow my head and extend my apology for causing anxiety to the people due to these incidents," said Lee, who is in the final year of his presidency. He said he would "take full responsibility" for the scandals but added he would continue to carry out his duties as president. His brother Lee Sang Deuk, an influential former legislator seen as the president's mentor, is being detained on corruption charges. Prosecutors alleged that he received 600 million won (524,000 dollars) from two troubled savings banks to help them avoid regular audits. His detention this month was the latest in a string of corruption scandals involving people close to the president. They have damaged Lee Myung Bak's reputation as he prepares to leave office in February. Presidents can only serve one five-year term. dpa dg lns tlo Author: Dirk Godder. You can also visit us @ http://springhillgrouphome.com/

(Source: Dirk Godder dpa, Hamburg, Germany (MCT) - President Lee Myung Bak apologized to South Koreans Tuesday for the involvement of his elder brother and former aides in corruption cases. "Fellow Koreans, disgraceful incidents have recently happened to my family and people surrounding me and caused so much anxiety," he said. "I bow my head and extend my apology for causing anxiety to the people due to these incidents," said Lee, who is in the final year of his presidency. He said he would "take full responsibility" for the scandals but added he would continue to carry out his duties as president. His brother Lee Sang Deuk, an influential former legislator seen as the president's mentor, is being detained on corruption charges. Prosecutors alleged that he received 600 million won (524,000 dollars) from two troubled savings banks to help them avoid regular audits. His detention this month was the latest in a string of corruption scandals involving people close to the president. They have damaged Lee Myung Bak's reputation as he prepares to leave office in February. Presidents can only serve one five-year term. dpa dg lns tlo Author: Dirk Godder. You can also visit us @ http://springhillgrouphome.com/

South Korea announced steps Thursday to bolster its sagging property market, including easing restrictions imposed on some districts of the capital. Seoul in 2003 restricted mortgage loan-to-value ratios to 40 percent and banned buyers from spending more than 40 percent of their income on repayments in three southern Seoul areas seen as most attractive to speculators. From now on, the same rules will apply citywide, with buyers able to borrow up to 50 percent of a property's value and spend up to 50 percent of their income on repayments. House prices in the Seoul metropolitan area have been falling for 10 successive months, with the latest April reading showing a 0.3 percent month-on-month decline. The government said it would also cut taxes on capital gains from property in the three districts, and would offer low-interest loans to a wider range of potential home-buyers in the capital. "We're rolling back excessive regulations adopted back in the early 2000s when the property market was overheating," the land ministry said in a statement. "Despite an increase in home supply... transactions in the housing sector are shrinking, while new apartment sales are also sluggish, hit by (economic) uncertainties."

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

Mortgage fraud is crime in which the intent is to materially misrepresent or omit information on a mortgage loan application to obtain a loan or to obtain a larger loan than would have been obtained had the lender or borrower known the truth. In United States federal courts, mortgage fraud is prosecuted as wire fraud, bank fraud, mail fraud and money laundering, with penalties of up to thirty years imprisonment.As the incidence of mortgage fraud has risen over the past few years, states have also begun to enact their own penalties for mortgage fraud. Mortgage fraud is not to be confused with predatory mortgage lending, which occurs when a consumer is misled or deceived by agents of the lender. However, predatory lending practices often co-exist with mortgage fraud. Types Occupancy fraud: This occurs where the borrower wishes to obtain a mortgage to acquire an investment property, but states on the loan application that the borrower will occupy the property as the primary residence or as a second home. If undetected, the borrower typically obtains a lower interest rate than was warranted. Because lenders typically charge a higher interest rate for non-owner-occupied properties, which historically have higher delinquency rates, the lender receives insufficient return on capital and is over-exposed to loss relative to what was expected in the transaction. In addition, lenders allow larger loans on owner-occupied homes compared to loans for investment properties. When occupancy fraud occurs, it is likely that taxes on gains are not paid, resulting in additional fraud. It is considered fraud because the borrower has materially misprepresented the risk to the lender to obtain more favorable loan terms. Income fraud: This occurs when a borrower overstates his/her income to qualify for a mortgage or for a larger loan amount. This was most often seen with so-called "stated income" mortgage loans (popularly referred to as "liar loans"), where the borrower, or a l

South Korea announced steps Thursday to bolster its sagging property market, including easing restrictions imposed on some districts of the capital. Seoul in 2003 restricted mortgage loan-to-value ratios to 40 percent and banned buyers from spending more than 40 percent of their income on repayments in three southern Seoul areas seen as most attractive to speculators. From now on, the same rules will apply citywide, with buyers able to borrow up to 50 percent of a property's value and spend up to 50 percent of their income on repayments. House prices in the Seoul metropolitan area have been falling for 10 successive months, with the latest April reading showing a 0.3 percent month-on-month decline. The government said it would also cut taxes on capital gains from property in the three districts, and would offer low-interest loans to a wider range of potential home-buyers in the capital. "We're rolling back excessive regulations adopted back in the early 2000s when the property market was overheating," the land ministry said in a statement. "Despite an increase in home supply... transactions in the housing sector are shrinking, while new apartment sales are also sluggish, hit by (economic) uncertainties."

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.

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. see more : http://newscenter.springhillgrouphome.com/

SEOUL, July 22 (Yonhap) -- South Korea plans to ease mortgage lending limits and take other measures in a bid to tackle the housing market slump and spur domestic demand, the presidential office said Sunday. The plan, which came after a government-private meeting, calls for relaxing the so-called debt-to-income (DTI) ratio, which serves as a major tool to control housing loans by tying the maximum amount of money that home buyers can borrow to their income levels. The current ceiling is 40-60 percent in Seoul and the surrounding Gyeonggi Province, the nation's most populous region. "We will maintain the basic principle of DTI and plan to complement irrational parts (of the system) for those who actually want to buy houses," Kim Dae-ki, the chief presidential economic advisor, said at a briefing, without elaborating. The growing number of people who can't afford to make payments on their home loans emerged as a major concern as policymakers brace for an economic slowdown in the wake of the eurozone debt crisis. During the meeting, which lasted nearly 10 hours through midnight, officials and industry experts agreed to a set of measures aimed at spurring foreign investment and tax support for small and medium companies as well as eased regulations on building new hotels and resorts, participants said. As a way to spur domestic demand, the government officials and businessmen agreed to encourage employees to use up their vacations during the summer, they said. Kim said the finance ministry will hold a meeting on Monday with related agencies to prepare follow-up measures aimed at boosting domestic demand in Asia's fourth-largest economy. The stimulus plan comes as South Korea's economy has been losing steam in the face of the eurozone debt crisis and a global economic slump that have made a dent in exports, the main driver of its growth. In the second quarter, Asia's fourth-largest economy is estimated to have grown a

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Ownership of the most prominent development project in Tysons Corner splintered recently after a deal between two of its principals - the Cherner family of auto dealers and developer Aaron Georgelas - fell through. The Cherners agreed to a contract with Georgelas in 2006 that would allow the family's auto dealerships to be included in the Tysons developer's plans for a 6 million-square-foot high-rise development at the corner of Leesburg Pike and Spring Hill Road. The two since worked side-by-side to argue for county development rules that would permit an urban Tysons Corner and to integrate their properties.

Ownership of the most prominent development project in Tysons Corner splintered recently after a deal between two of its principals - the Cherner family of auto dealers and developer Aaron Georgelas - fell through. The Cherners agreed to a contract with Georgelas in 2006 that would allow the family's auto dealerships to be included in the Tysons developer's plans for a 6 million-square-foot high-rise development at the corner of Leesburg Pike and Spring Hill Road. The two since worked side-by-side to argue for county development rules that would permit an urban Tysons Corner and to integrate their properties.

"Real Estate Scam Used Fake Adoption To Buy Rights- livej... http://springhillgroup.livejournal.com/26853.html   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"

It was agreed by nonprofit housing counseling agencies and housing rights advocates that foreclosure rescue scams are still common in the Bay Area, and there's no need for homeowners in distress to empty their pockets paying for private attorneys. Because of the sudden death of the family's primary breadwinner, Tatakamotongas of East Palo Alto suffered from mortgage payments. They decided to seek help with obtaining a loan modification to lower their monthly payments and due to this they came into contact with a scammer rather than legal help. "The advice they gave me was 'Don't make any more payments at all. The longer you are backed up, the more we can help you.' And so of course I believed them," says Mele Tatakamotonga. The scammer was a private attorney. He told them to stop paying their mortgage so that they will qualify for a modification and charged them $3,000 for the assistance. But as expected from a scammer, after paying the fee the phone number had been disconnected. "Foreclosure rescue and mortgage modification scams are continuing and getting bolder," says Vanitha Venugopal, program director of Community Development and Investment at The San Francisco Foundation. Homeowners must pay for help with loan modifications and other housing issues because scams continue to be rampant, advocates say. The Tatakamotongas finally found Community Legal Services in East Palo Alto, a nonprofit law office, which collected the family's money from the dishonest attorney, and assisted them with obtaining a loan modification. Maeve Elise Brown, Executive Director of Housing and Economic Rights Advocates (HERA) in Oakland, another organization that offers free legal aid, warns that scams are commonly carried out by unscrupulous attorneys. Brown also says that the media needs to be wary of running scammers' advertisements. Many homeowners looking for help contact scammers that they find through television and radio ads. According to Leah Si

http://springhillgroupcounselling.com/ Just six months prior, publishers released a little book called The Jungle that told the story of slaughterhouse workers. Author Upton Sinclair described the scenes in graphic detail: poisoned rats climbing into piles of meat to die, workers being burned and blinded from exposure to chemicals used on food and so much more. His artful storytelling seared these disturbing details into the minds of American consumers, pushing the government into action. That story provoked policy, just as stories have provoked action for centuries. Storytelling isn't just for bedtime - it impacts everything from our personal relationships to careers to medicine to national security. And major universities are taking note, forming classes and programs targeting the topic, such as MIT's Center for Future Storytelling.